NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
CALGARY, ALBERTA--(Marketwired - Feb. 9, 2017) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
STEP Energy Services Ltd. (the "Company" or "STEP") is pleased to announce that it has filed a preliminary long form prospectus (the "Prospectus") with the securities commissions of each of the provinces of Canada, except Quebec, in connection with an initial public offering of its common shares (the "Offering").
The Offering will be made through a syndicate of underwriters co-led by CIBC Capital Markets and Raymond James Ltd. The number of common shares offered and the offering price of the common shares have not yet been determined and will be dependent on market conditions.
There can be no assurance that the Offering will be completed. An investment in the common shares of the Company is subject to a number of risks. The Prospectus contains important information relating to the Offering and is still subject to completion or amendment. For more information, potential investors should read the Prospectus which is available on SEDAR at www.sedar.com. There will not be any sale or any acceptance of an offer to buy the common shares until a receipt for the final prospectus has been issued.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia) or any other jurisdiction outside Canada. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities offered pursuant to the Prospectus have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.
About the Company
STEP is an oilfield service company that provides specialized and fully integrated coiled tubing and fracturing solutions. STEP's corporate headquarters is located in Calgary, Alberta and has coiled tubing and fracturing operations spanning across Western Canada, along with coiled tubing operations in Texas.
President & Chief Executive Officer