CALGARY, AB, June 30, 2021 /CNW/ - SECURE Energy Services Inc. ("SECURE") (TSX: SES) and Tervita Corporation ("Tervita") (TSX:TEV) are aware that the Commissioner of Competition made an application in respect of the proposed merger between SECURE and Tervita (the "Transaction") on June 29, 2021. SECURE and Tervita have reviewed the application and will continue to work cooperatively with the Competition Bureau and the Competition Tribunal to resolve any concerns relating to the Transaction, which they believe relate to certain waste disposal assets.
SECURE and Tervita will comply with all necessary requirements under the Competition Act prior to closing the Transaction. The statutory waiting period expires on June 30, 2021. SECURE and Tervita believe the resolution of such proceedings will not be material to the combined company's asset base or EBITDA.
SECURE is a publicly traded energy business listed on the TSX providing industry leading customer solutions to upstream oil and natural gas companies operating in western Canada and certain regions in the United States through its network of midstream processing and storage facilities, crude oil and water pipelines, and crude by rail terminals located throughout key resource plays in western Canada, North Dakota and Oklahoma. SECURE's core midstream infrastructure operations generate cash flows from oil production processing and disposal, produced water disposal, and crude oil storage, logistics, and marketing. SECURE also provides comprehensive environmental and fluid management for landfill disposal, onsite abandonment, remediation and reclamation, drilling, completion and production operations for oil and gas producers in western Canada. SECURE trades on the TSX as SES. For more information, visit www.secure-energy.com.
Tervita is a leading environmentally-focused waste service provider in Canada, providing a broad and integrated array of services and environmental management solutions for customers in the energy, industrial, and natural resource sectors, predominantly in Western Canada. For over 40 years, Tervita has been focused on delivering safe and efficient solutions through all phases of a project while minimizing impact, maximizing returns™. Our dedicated and experienced employees are trusted sustainability partners to our clients. Safety is our top priority: it influences our actions and shapes our culture. Tervita trades on the TSX as TEV. For more information, visit www.tervita.com.
Certain statements contained in this press release constitute "forward-looking statements" and/or "forward-looking information" within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). When used in this press release, the words "believes", "continue", "expects" and "realize", and similar expressions, as they relate to SECURE, Tervita or their respective management, are intended to identify forward-looking statements. Such statements reflect the current views of SECURE and Tervita with respect to future events and speak only as of the date of this press release. In particular, this press release contains or implies forward-looking statements pertaining to working with the Competition Bureau and Competition Tribunal to resolve the proceedings and the effect of the proceedings on the combined company's asset base and EBITDA.
Forward-looking statements involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements.
Although forward-looking statements contained in this press release are based upon what SECURE and Tervita believe are reasonable assumptions, SECURE and Tervita cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this press release are expressly qualified by this cautionary statement. Unless otherwise required by law, SECURE and Tervita do not intend, or assume any obligation, to update these forward-looking statements.
SOURCE SECURE Energy Services Inc.