Business
Matrrix Announces Sale of Directional Drilling Assets
Matrrix Announces Sale of Directional Drilling Assets Canada NewsWire CALGARY, M...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nMatrrix Announces Sale of Directional Drilling Assets\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 27, 2019\n\n\n\nCALGARY, May 27, 2019 /CNW/ - Matrrix Energy Technologies Inc. (\"Matrrix\") is pleased to announce that it has sold all of the assets related to its directional drilling division for approximately $1.5 million cash to a private directional drilling provider (the \"Sale\").  \nWith the previously announced discontinuation of directional drilling operations and the Sale, Matrrix intends to focus management's resources on driving growth and profitability in the drilling rig division. The cash proceeds from the Sale will be used to pay down debt.  Management believes Matrrix's strong balance sheet will allow it flexibility to execute on strategic acquisitions, specific customer related upgrades and other opportunities that may arise and align with its growth plan.\nFORWARD-LOOKING INFORMATION\nCertain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, \"forward-looking information\"). Forward-looking information relates to future events or the Corporation's future performance. All information other than statements of historical fact is forward-looking information. The use of any of the words \"anticipate\", \"plan\", \"contemplate\", \"continue\", \"estimate\", \"expect\", \"intend\", \"propose\", \"might\", \"may\", \"will\", \"could\", \"believe\", \"predict\", and \"forecast\" are intended to identify forward-looking information.\nThis press release contains forward-looking information pertaining to, among other things, the use of proceeds from the Sale, management's intended focus and management's expectations of a strong balance sheet and the flexibility it provides.\nThis forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Matrrix's control.  Actual results, performance or achievements could differ materially from those expressed in, or im...