UTS Energy Corp. Files Notice of Meeting and Information Circular
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CALGARY, Sept. 1 /CNW/ - UTS Energy Corporation ("UTS") is pleased to announce that it has filed, with securities regulators in each of the provinces in Canada, its Notice of Meeting and Information Circular ("Information Circular") in respect of the upcoming special meeting (the "Meeting") of holders of common shares of UTS (the "UTS Shareholders"). The Information Circular has been filed on the SEDAR website at www.sedar.com and will be available for viewing on the UTS website at www.uts.ca. UTS Shareholders of record on August 23, 2010 will receive a paper copy of the Information Circular by mail.
At the Meeting, UTS Shareholders will be asked to consider, among other things, the proposed plan of arrangement (the "Arrangement") among UTS, Total E&P Canada Ltd. ("Total"), SilverBirch Energy Corporation ("SilverBirch") and the UTS Shareholders. The Meeting will be held on September 30, 2010 at 10:00 a.m. (Calgary time) in the Turner Valley Room at the Fairmont Palliser, 133 - 9th Avenue SW, Calgary, Alberta. All UTS Shareholders are encouraged to vote in person or by proxy. Details on how to vote are contained in the Information Circular.
Completion of the proposed Arrangement is conditional on approval by UTS Shareholders and satisfaction of other customary conditions, including regulatory, stock exchange and Court of Queen's Bench of Alberta approvals. It is expected that the Arrangement will be completed in early October, 2010. On August 3, 2010, Total and UTS received an advanced ruling certificate from the Commissioner of Competition with respect to the transactions contemplated by the Arrangement. In addition, the TSX Venture Exchange (the "TSX-V") has conditionally approved the listing of the common shares of SilverBirch (the "SilverBirch Shares"). Listing of the SilverBirch Shares is subject to SilverBirch fulfilling all of the requirements of the TSX-V.
UTS has retained Georgeson Shareholder Communications Canada, Inc. ("Georgeson") to act as proxy solicitation agent and to respond to inquiries from UTS Shareholders. Georgeson may be contacted toll-free at 1-888-605-8406 or by email at askus@georgeson.com.
Business of UTS
UTS is focused on the creation of shareholder value through exploration, development and production of hydrocarbon resources, mainly mineable oil sands deposits from the Athabasca Oil Sands Area in north-eastern Alberta.
UTS is committed to responsible resource development by conducting its business in a manner that reduces environmental effects, protects workers' and communities' health and safety and recognizes stakeholder interests.
UTS is based in Calgary, Alberta. The UTS common shares are traded on the Toronto Stock Exchange.
Advisory Regarding Forward-Looking Information
This news release contains "forward-looking information", within the meaning of applicable securities laws. The use of any of the words "proposed", "will", "may", "expected" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning the timing of the Meeting, the mailing of the Information Circular, the business of the Meeting, the completion of the Arrangement and the expected timing for completion of the Arrangement.
The forward-looking information in this news release is based on certain key expectations and assumptions made by UTS, including assumptions as to: the time required to prepare and mail the Meeting materials; the receipt, in a timely manner, of regulatory, UTS Shareholder, court and third party approvals in respect of the Arrangement; and the time necessary to satisfy the conditions to the closing of the Arrangement. Although UTS believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because UTS can give no assurance that it will prove to be correct.
The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others: unforeseen delays in preparing Meeting materials; inability to secure necessary regulatory, court, UTS Shareholder or other third approvals in the time assumed; or the need for additional time to satisfy the conditions to the completion of the Arrangement. Listing of the SilverBirch Shares is conditional upon SilverBirch fulfilling the requirements of the TSX-V and there can be no assurance that the TSX-V will list the SilverBirch Shares. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of UTS are included in the Information Circular and in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com.
The forward-looking information contained in this news release is made as of the date hereof and UTS undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so 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.
For further information:
Dr. William J. F. Roach
President and Chief Executive Officer
403-538-7030