TORONTO, May 07, 2019 (GLOBE NEWSWIRE) -- Ewing Morris & Co. Investment Partners Ltd. (“Ewing Morris”) announced today that it has updated its early warning report pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) in respect of its investment in Strad Energy Services Ltd. (the “Issuer”) to reflect the board nomination agreement (the "Nominee Agreement") it entered into with the Issuer on May 1, 2019.

Both immediately prior to, and immediately after, the entering into of the Nominee Agreement, Ewing Morris, on behalf of certain funds and accounts managed by it, held 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 information circular dated May 1, 2019).

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.

A report on Form 62-103F1 - Required Disclosure under the Early Warning Requirements 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.