Jun 1, 2011 15:42 ET
Enerflex Launches Independent Operations Shares to Start Trading on TSX June 3, 2011
CALGARY, ALBERTA--(Marketwire - June 1, 2011) - Enerflex Ltd. ("Enerflex") (TSX:EFX) is pleased to announce that it is commencing business operations and public market trading as an independent public corporation. Enerflex designs and builds natural gas compression, production and processing and power generation solutions that are engineered, designed and fabricated to meet its customers' specific needs around the world.
"These are very exciting times for Enerflex," said Blair Goertzen, Enerflex's President and Chief Executive Officer. "Enerflex will continue to pursue global opportunities and respond proactively to changing market conditions in order to serve our customers and create shareholder value."
Enerflex was created by the division of Toromont Industries Ltd. ("Toromont") into two separate, publicly traded companies: Toromont, which will continue to operate its equipment and refrigeration businesses, and Enerflex, which today became an independent public corporation encompassing the operations of the global natural gas compression and processing businesses previously owned by Toromont. Since early 2010 Enerflex had been providing this line of energy services and integrated solutions as a division of Toromont.
The independence of Enerflex provides advantages to Enerflex, its customers and shareholders. These include a sharper business focus, the ability to formulate business strategies independently and the freedom to pursue growth opportunities. In addition Enerflex anticipates enhanced access to capital, more effective ability of the capital markets to evaluate its business and performance, and strengthened ability to attract, retain and motivate key employees.
The common shares of Enerflex are expected to start trading on a "when issued" basis on the Toronto Stock Exchange under the symbol "EFX" on June 3, 2011. Shareholders are encouraged to consult their brokers.
The Board of Directors of Enerflex approved a dividend of $0.06 per share which will be paid on July 1, 2011 to shareholders of record on June 10, 2011.
While Toromont has released its March 31, 2011 quarterly statements incorporating the Enerflex business, it is expected that Enerflex will release independent unaudited IFRS-compliant financial results for the three months ended March 31, 2011 following close of business on June 8, 2011 after approval by its Board of Directors.
Enerflex Ltd. is the single source supplier of products and services to the global oil and gas production industry. Enerflex provides natural gas compression and oil and gas processing equipment for sale or lease, refrigeration systems and power generation equipment and a comprehensive package of field maintenance and contracting capabilities. Through our ability to provide these products and services in an integrated manner, or as standalone offerings, Enerflex offers its customers a unique value proposition.
Headquartered in Calgary, Canada, Enerflex has approximately 2,800 employees. Enerflex, its subsidiaries, interests in affiliates and joint-ventures operate in Canada, the United States, Argentina, Colombia, Australia, the Netherlands, the United Kingdom, Germany, Pakistan, the United Arab Emirates, Egypt, Oman and Indonesia. Enerflex's shares trade on the Toronto Stock Exchange under the symbol "EFX". For more information about Enerflex, go to www.enerflex.com.
Advisory Regarding Forward-Looking Statements
To provide Enerflex shareholders and potential investors with information regarding Enerflex, including management's assessment of future plans, Enerflex has included in this news release certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to in this advisory as "forward-looking statements." Information included in this news release that is not a statement of historical fact is forward-looking information. When used in this document, words such as "plans", "expects", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. In developing the forward-looking information in this news release, we have made certain assumptions with respect to general economic and industry growth rates, commodity prices, currency exchange and interest rates, competitive intensity and shareholder, regulatory and TSX approvals. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
Forward-looking information involves known and unknown risks and uncertainties and other factors, which may cause or contribute to Enerflex achieving actual results that are materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such risks and uncertainties include, among other things, impact of general economic conditions; industry conditions, including the adoption of new environmental, taxation and other laws and regulations and changes in how they are interpreted and enforced; volatility of oil and gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations, including future dividends to shareholders of the Company; increased competition; the lack of availability of qualified personnel or management; labour unrest; fluctuations in foreign exchange or interest rates; stock market volatility; opportunities available to or pursued by the Company and other factors, many of which are beyond its control, the reliability of Toromont' historical financial information as an indicator of Enerflex's historical or future results; potential tax liabilities if the requirements of the tax-deferred spinoff rules are not met; the effect of Enerflex's rights plan on any potential change of control transaction; obtaining financing; and reductions in oil and natural gas prices.
These factors are not exhaustive. The reader is cautioned that these factors and risks are difficult to predict and that the assumptions used in the preparation of such information, although considered reasonably accurate at the time of preparation, may prove to be incorrect. Readers are cautioned that the actual results achieved will vary from the information provided in this press release and that such variations may be material. Consequently, Enerflex does not represent that actual results achieved will be the same in whole or in part as those set out in the forward-looking information.
Furthermore, the statements containing forward-looking information that are included in this news release are made as of the date of this news release, and Enerflex does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.