CALGARY, Alberta, Nov. 17, 2023 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. ("Divergent", the "Company", or "DVG") provides the following Corporate Update.
Approximately 80% of the Company's recent historical annual sales were attributable to one customer, which has recently experienced a material slow down in their business (as disclosed in the Company's management, discussion, and analysis for the three and six months ended June 30, 2023). According to the public record, the customer, a private US company, is undergoing a sale and restructuring process, the outcome and timing of which, including any changes to the Company's anticipated sales to the customer, is currently unknown.
The Company expects to announce its financial results for the three and nine months ended September 30, 2023 on November 29, 2023.
For Further Information:
Ken Berg, President and Chief Executive Officer, kberg@divergentenergyservices.com
Ken Olson, Chief Financial Officer, ken.olson@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent provides fluids management products and services for the water, gas and oil industries through its wholly owned subsidiary Extreme Pump Solutions LLC.
DIVERGENT Energy Services Corp., 2020, 715 - 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including, without limitation, statements pertaining to factors which could result in changes to anticipated sales volumes to material customers. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties, including: the risk of a reduction in sales volumes to material customers. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Company at the time the information is presented, including expectations provided to Divergent by its customers. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
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.
(Not for dissemination in the United States of America)
