Investors: 2009 Press Releases
HSE Integrated Ltd. Responds To Forum National Investments Ltd. Announcement Of Its Intention To Make An Unsolicited Offer
NEWS RELEASE - July 20, 2009
CALGARY, ALBERTA - HSE Integrated Ltd. ("HSE") (TSX-HSL) today advised shareholders not to take any action until further notice with respect to the announcement earlier today by Forum National Investments Ltd. ("Forum") that it intends to make an unsolicited offer to purchase all of the outstanding common shares of HSE on the basis of one common share of Forum for every four HSE common shares.
David L. Yager, Chairman of the Board and Chief Executive Officer of HSE, said, "Consistent with its fiduciary duties, the Board of Directors will review and evaluate any offer by Forum, if and when it is made, and will make a recommendation to HSE shareholders in due course. The announcement by Forum came as a complete surprise to HSE, as, prior to notice of the impending issuance of the press release late this afternoon, Forum has had no previous contact with Management or the Board. Calls by HSE Management to Forum’s Management have not been returned. We are completely unfamiliar with Forum and they are clearly not a recognized participant in our industry. HSE currently has no information to determine the bona fides, capacity or capability of Forum to make an offer for HSE. We are puzzled as to why a company specializing in luxury lifestyle adventures, travel clubs and purchasing life insurance policies would seek to manage an industry leader in the health, safety and environmental field. We caution our shareholders that Forum's shares are only traded over-the-counter on the OTC Bulletin Board (OTCBB), not the Toronto Stock Exchange or the TSX Venture Exchange.”
HSE advises shareholders to not take any action concerning Forum's announcement until shareholders have received further communications from the Board of Directors. If Forum does make an offer, as required by applicable securities laws, the Board will issue a Directors' Circular that will contain important information for shareholders, including the Board's recommendation regarding the offer. The Directors' Circular will also be filed on SEDAR and with Canadian and other applicable securities regulators.
HSE is an integrated, national supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta, it serves its clients from field service locations in Alberta, British Columbia, Saskatchewan, Ontario, Nova Scotia, New Brunswick, Newfoundland-Labrador and Michigan. HSE also operates in Midland, Texas, through a jointly owned company called Boots & Coots HSE Services LLC.
Forward-Looking Statements
This news release contains forward-looking information and statements (collectively “forward-looking statements”) within the meaning of applicable securities laws concerning, among other things, the Company’s prospects, expected revenues, expenses, profits, financial position, strategic direction, and growth initiatives, all of which are subject to risks, uncertainties and assumptions. These forward-looking statements are identified by their use of terms and phrases such as expect, anticipate, estimate, believe, may, will, would, could, might, intend, plan, continue, ongoing, project, objective and other similar terms and phrases. These forward-looking statements are based on certain assumptions and analyses made by the Company based on its experience and assessment of current conditions, known trends, expected future developments and other factors it believes are appropriate under the circumstances. Such forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results and events to differ materially from that expressed in the forward-looking statements. Accordingly this news release is subject to the disclaimer and qualified by the assumptions and risk factors referred to in the Management Discussion and Analysis in the 2008 first, second and third quarter reports, in the 2008 annual report, and in other filings with securities commissions in Canada as reported in the Company’s profile at www.sedar.com. Any forward-looking statements in this news release speak only as of the date of this news release. Except as required by law, the Company disclaims any intention to update or revise any forward-looking statements to reflect new events or circumstances.
HSE Integrated Ltd. trades on the TSX under the symbol “HSL”
For more information, please contact:
David Yager, Chairman & CEO Telephone: (403) 266-1833 E-Mail:
Lori McLeod-Hill, CFO Telephone: (403) 266-1833 E-Mail: lmcleod-hill@hseintegrated.com
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