Essential Energy Services Announces Shareholder Meeting Voting Results

CALGARY, Alberta, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (TSX: ESN) (“Essential”) is pleased to announce that, in connection with its previously announced amalgamation (the “Amalgamation”) involving Element Technical Services Inc. (“Element”), Essential’s shareholders have approved the Amalgamation at its special meeting of shareholders (the “Meeting”) on November 7, 2023.

At the Meeting, Essential’s shareholders approved the Amalgamation of Essential and 2544592 Alberta Ltd. (“Subco”), a wholly-owned subsidiary of Element, substantially upon the terms and conditions set forth in the amalgamation agreement dated September 15, 2023, between Essential, Element and Subco (the “Amalgamation Agreement”). A report on the voting results will be posted under Essential’s profile on SEDAR+ at www.sedarplus.ca.

THE AMALGAMATION

For further information regarding the Amalgamation, readers are strongly encouraged to review the Amalgamation Agreement and Essential’s news releases dated September 15, 2023 and October 5, 2023, all of which are available under Essential’s profile on SEDAR+ at www.sedarplus.ca.

FORWARD-LOOKING ADVISORY

This news release contains “forward‐looking statements” and “forward‐looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward‐looking statements include, without limitation, expectations and objectives for future operations that are subject to a number of material factors, assumptions, risks and uncertainties, many of which are beyond the control of Essential.

Forward‐looking statements are statements that are not historical facts and are generally, but not always, identified by the word “will” and similar expressions or are events or conditions that “will” occur or be achieved. This news release contains forward‐looking statements pertaining to, among other things: Essential’s SEDAR+ filings.

The forward‐looking statements contained in this news release reflect several material factors and expectations and assumptions of Essential including, without limitation: the ability of the parties to receive, in a timely manner, the necessary regulatory, stock exchange and other third-party approvals; the ability of Essential and Element to satisfy, in a timely manner, the other conditions to the closing of the Amalgamation; the ability to complete the Amalgamation on the terms contemplated by the Amalgamation Agreement, or at all; that Essential will continue to conduct its operations in a manner consistent with past operations; and the general continuance of current or, where applicable, assumed industry conditions.