FORT ST. JOHN, BRITISH COLUMBIA -- (Marketwired) -- 01/30/15 -- Macro Enterprises Inc. (TSX VENTURE: MCR) (the "Company" or "Macro") acknowledges the marked decline in its share price over recent weeks. The Company is not aware of any material change uniquely related to its operations that would account for the price decline, but suspects that the market community is reacting to the significant fall in oil prices and its anticipated effect on oil and gas operations by the Company's clients.
While oil-price uncertainty is affecting activity in the sector and the Company is anticipating reduced project volumes, oil and gas pipeline companies are continuing to request bids on significant projects, both LNG-related and not. The Company is in excellent financial shape, with net working capital in excess of $43 million, which is significantly greater than the market capitalization implied by today's trading prices.
Macro expects to release its fiscal 2014 financial results after the close of market on April 1, 2015 and to discuss those results on a conference call the following day. The Company will confirm the release date and provide the conference call access details in a separate news announcement. The Company expects results for the fourth quarter of 2014 and fiscal 2014 to be substantially in line with its outlook expressed in its news release of November 27, 2014.
Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operating unit, Macro Industries Inc., can be found at www.macroindustries.ca.
Forward-Looking Statements
Certain statements in this news release may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements regarding expected revenues, expenses and industry trends. These risks and uncertainties include, but are not restricted to, oil prices, global economic conditions, government regulation of energy and resource companies, seasonal weather patterns, maintaining and increasing market share, terrorist activity, the price and availability of alternative fuels, the availability of pipeline capacity, and potential instability or armed conflict in oil-producing regions. These risks and uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Neither 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.
Contacts:
Frank Miles
President and C.E.O.
Phone: (250) 785-0033
Jeff Redmond
C.F.O.
(250)785-0033
