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TSX Symbol "BRY"
EDMONTON, April 3, 2020 /CNW/ - Bri-Chem Corp. ("Bri-Chem" or "Company") (TSX: BRY), a leading North American oilfield chemical distribution and blending company, today provided an update on the timing of its regulatory filings. As a result of COVID?19 pandemic developments, the Canadian Securities Administrators recently granted blanket relief (the "Blanket Relief") for all market participants, providing up to a 45?day extension for periodic filings normally required to be made on or before June 1, 2020.
In accordance with the Blanket Relief, the Company will be delaying the filing of its audited annual financial statements or the year ended December 31, 2019, its annual management's discussion and analysis for the corresponding period, the related management certifications of annual filings and its annual information form (collectively, the "Filings"). The Company expects to be able to complete the Filings on or before May 14, 2020 and confirms there have been no material business developments since the release of its third quarter results in November 2019. The Company's insiders and management remain restricted from trading in the Company's securities pursuant to the Company's insider trading policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 26 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at www.sedar.com or at Bri-Chem's website at www.brichem.com.
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Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements"). These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking statements and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking statements relating to the completion of the Filings. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company can give no assurance that they will prove to be correct. By their nature, such forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed herein. These risks and uncertainties, include, but are not limited to general economic conditions, industry conditions, access to capital markets, volatility of commodity prices, market forces, competition from other industry participants and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release or otherwise. Except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
SOURCE Bri-Chem Corp.
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