- SECURE considering options for potential appeal to Supreme
Court
CALGARY,
AB, Aug. 2, 2023 /CNW/ - SECURE ENERGY
Services Inc. ("SECURE" or the "Corporation") announced today that
the Federal Court of Appeal ("FCA") dismissed SECURE's appeal of
the March 3, 2023 decision of the
Competition Tribunal ("Tribunal") regarding its merger with Tervita
Corporation ("Tervita"), ordering SECURE to divest 29 facilities
("Facilities").
SECURE respectfully disagrees with the outcome
and is carefully considering the decision and reviewing its options
with respect to a potential appeal to the Supreme Court of
Canada, including a motion for a
stay of the Tribunal's order.
The FCA's decision, upholding the Tribunal's
order to divest the Facilities, could have a material impact on the
business, financial condition or results of operations of the
Corporation. If such decision is not overturned or modified on
appeal, SECURE is prepared to execute a competitive sale process
for these attractive and valuable assets and would expect to
receive sale proceeds relating to such divestitures which could
mitigate, in whole or in part, any such impact.
Rene Amirault, Chief Executive Officer of
SECURE, stated: "Although we are disappointed with the outcome, we
thank the Federal Court of Appeal for their work in rendering their
decision. We continue to believe that the merger of SECURE and
Tervita has and will continue to enable SECURE to better serve our
customers, pursue our ESG objectives, and continue to achieve
significant efficiencies in our operations."
ABOUT SECURE
SECURE is a leading environmental and energy
infrastructure business headquartered in Calgary, Alberta. The Corporation's extensive
infrastructure network located throughout
western Canada and North Dakota includes waste
processing and transfer facilities, industrial landfills, metal
recycling facilities, crude oil and water gathering pipelines,
crude oil terminals and storage facilities. Through this
infrastructure network, the Corporation carries out its principal
business operations, including the processing, recovery, recycling
and disposal of waste streams generated by our energy and
industrial customers and gathering, optimization, terminalling and
storage of crude oil and natural gas liquids. The solutions the
Corporation provides are designed not only to help reduce costs,
but also lower emissions, increase safety, manage water, recycle
by-products and protect the environment.
SECURE's shares trade under the symbol SES and
are listed on the Toronto Stock Exchange. For more information,
visit www.secure-energy.com.
FORWARD-LOOKING
STATEMENTS
Certain statements contained in this news release
constitute forward-looking information and statements
(collectively, "forward-looking statements") including, but not
limited to, statements concerning SECURE's ability to optimize,
differentiate and grow its network; SECURE's industry positioning
regarding environmental and related energy infrastructure; SECURE's
business plans and strategies; stakeholder value creation; and
other statements that are not historical facts. The use of any of
the words ''anticipate'', ''plan'', ''contemplate'', ''continue'',
''estimate'', ''expect'', ''intend'', ''propose'', ''might'',
''may'', ''will'', ''shall'', ''project'', ''should'', ''could'',
''would'', ''believe'', ''predict'', ''forecast'', ''pursue'',
''potential'' and ''capable'' and similar expressions are intended
to identify forward looking statements. These statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release. The Corporation does not undertake any
obligations to publicly update or revise any forward-looking
statements except as required by securities law. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of numerous risks and
uncertainties including, but not limited to, the risks and
uncertainties described in "Forward-Looking Statements" and
"Risk Factors" included in the Corporation's Annual
Information Form dated March 1, 2023, as filed on SEDAR
and available on the SECURE website
at www.secure-energy.com.
Website: www.secure-energy.com
TSX Symbol: SES
SOURCE SECURE Energy Services Inc.