MONCTON, NB,
Oct. 18, 2012 /CNW/ - Landdrill
International Inc. (TSXV: LDI) (the "Company" or
"Landdrill"), announces that the TSX Venture Exchange
("TSXV") has suspended trading in the Company's securities
effective October 12, 2012.
As previously announced, the filing of the
Company's interim financial statements for the period ended
June 30, 2012, management discussion
and analysis and related CEO and CFO certifications (collectively,
the "Financial Statements") would not be completed by the
filing deadline set by Canadian securities laws and has been
delayed for an indefinite period. The purpose of the delay is
to permit the Company and its external advisors sufficient time to
continue with the strategic review process disclosed August 29, 2012.
On August 31,
2012, Landdrill announced it obtained an Initial Order from
the Court of Queen's Bench of New
Brunswick under the Companies' Creditors Arrangement
Act (Canada)
("CCAA").
As a result of the Company's failure to file
continuous disclosure documents within the time period set forth
under securities laws, the New Brunswick Securities Commission
("NBSC") has issued a cease trade order (the "CTO")
against Landdrill effective October 12,
2012. Concurrently with the issuance thereof, the NBSC
revoked the previously existing management cease trade order.
As a result of the CTO, the TSXV has suspended
trading in the securities of the Company. Previously, the
TSXV had halted trading in Landdrill's securities.
Reinstatement of trading in the Company's securities on the TSXV
would only occur upon revocation of the CTO and compliance by
Landdrill with all other TSXV listing requirements.
Landdrill operations continue during the CCAA
proceedings.
Forward-looking information
This press release may contain
forward-looking statements (within the meaning of applicable
securities laws) relating to business of Landdrill International
Inc. (the "Company") and the environment in which it operates.
Forward-looking statements are identified by words such as
"believe", "anticipate", "expect", "intend", "plan", "will", "may"
and other similar expressions. These statements are based on the
Company's expectations, estimates, forecasts and projections.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
including, without limitation that all terms of the contracts will
be fulfilled in their entirety, such statements are not guarantees
of future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the
actual results to differ materially from those in forward-looking
statements include commodity prices, availability of personnel,
materials and equipment, actual performance of equipment and
processes relative to specifications and expectations,
unanticipated environmental impacts and continued availability of
capital and financing and general economic, market or business
conditions. These risks and uncertainties are discussed in the
Company's regulatory filings available at www.sedar.com.
There can be no assurance that
forward-looking statements will prove to be accurate as actual
outcomes and results may differ materially from those expressed in
these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements.
Further, a forward-looking statement speaks only as of the date on
which such statement is made. The Company undertakes no obligation
to publicly update any such statement or to reflect new information
or the occurrence of future events or circumstances, except as
required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE LANDDRILL INTERNATIONAL INC.