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Ewing Morris Files Early Warning Report in Respect of Strad Energy Services Ltd.

TORONTO, April 16, 2019 (GLOBE NEWSWIRE) -- Ewing Morris & Co. Investment Partners Ltd. (“Ewing Morris”) announced today that it has ceased filing reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) for Strad Energy Services Ltd. (the “Issuer”).

On April 11, 2019, Ewing Morris was granted an order (the “Order”) from the Alberta Securities Commission exempting Ewing Morris from certain corporate restrictions relating to the solicitation of proxies under the Business Corporations Act (Alberta).  Ewing Morris sought the Order as it wishes to communicate with, and may engage in public or private solicitation of, the holders of common shares of the Issuer in advance of the next shareholders’ meeting of the Issuer (scheduled to take place on May 29, 2019) in respect of various matters, including the composition of the board of directors of the Issuer.

Consistent with its investment intent, Ewing Morris may from time to time engage with members of the board of directors and management of the Issuer regarding the Issuer, its business and prospects, board composition and potential means for enhancing shareholder value. During the course of such communications, Ewing Morris may advocate or oppose one or more courses of action.

The common shares of the Issuer were purchased for investment purposes only and not for the purpose of exercising control or direction over the Issuer.  From time to time, Ewing Morris accounts or funds may, depending on market and other conditions, acquire or dispose of additional securities of the Issuer or may continue to hold the securities.

As of the date hereof, Ewing Morris, on behalf of certain funds and accounts managed by it, holds 8,776,453 common shares of the Issuer, representing approximately 15.5% of the outstanding common shares (on an undiluted basis) (as reported in the Issuer’s management’s discussion and analysis dated February 27, 2019).

A report on Form 62-103F2 - Required Disclosure by an Eligible Institutional Investor under Section 4.3 is being filed by Ewing Morris in accordance with NI 62-103 and will be available under the Issuer's profile at www.sedar.com. The head office of the Issuer is Suite 1200, 440 – 2 Avenue SW, Calgary, Alberta, T2P 5E9.  The address of Ewing Morris is 1407 Yonge Street, Suite 500, Toronto, Ontario, M4T 1Y7.

FOR MORE INFORMATION:

For further information and to obtain a copy of the early warning report filed by Ewing Morris, please see the Issuer’s profile on the SEDAR website (www.sedar.com) or contact Breann Kirincich, COO, Ewing Morris at 416-640-2793.

About Ewing Morris

Ewing Morris is an independent, value-driven Canadian investment firm established in 2011. The team consists of six investment professionals with over 75 years of collective experience investing in smaller cap North American companies with an emphasis on non-resource Canadian small cap. The firm manages approximately $350 million on behalf of individual and institutional investors.

/EIN News/ --


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