February 19, 2015, Calgary, Alberta – (TSX Venture: LEA) – Leader Energy Services Ltd. (“LEA” or the “Company”) today filed a Notice of Intention to File a Proposal in accordance with 50.4(1) of the Bankruptcy and Insolvency Act. Pursuant to the filing the Company has received temporary protection from its creditors, other than its senior lender, as it attempts to restructure.
MNP Ltd. of Calgary, Alberta (www.mnp.ca) is Proposal Trustee and Range Corporate Advisors Inc. (www.rangeadvisors.com) is financial advisor and sales agent.
It is expected the Company’s business will continue to operate during the proposal process and Company management will remain responsible for day to day operations.
LEA also announces today it has received the resignation of all of its Directors other than Rodney Hauser, who will remain Director and CEO of the Company.
For further information contact:
Range Corporate Advisors
This press release contains certain statements or disclosures relating to the Company that are based on the expectations of the Company as well as assumptions made by and information currently available to the Company which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking in formation.
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 news release.