HSE Integrated Ltd. Announces Changes to Executive Team
CALGARY, May 2, 2012 /CNW/ - HSE Integrated Ltd. ("HSE" or the "Company") (TSX: HSL) announces that, effective immediately, Mr. Thomas Hickey is no longer employed by the Company. Mr. David L. Yager, Chairman of HSE's Board of Directors and a former Chief Executive Officer of the Company, will be assuming the role of Interim Chief Executive Officer.
As announced on May 1, 2012, HSE entered into a binding agreement with DXP Enterprises, Inc. ("DXP") to complete a business combination (the "Transaction") whereby DXP would acquire all of the issued and outstanding common shares of HSE (the "HSE Shares") at a price per HSE Share of $1.80, including any shares issued upon the exercise of options to acquire HSE Shares and the conversion of outstanding convertible debentures prior to closing of the Transaction. Mr. Yager will provide leadership for the Company through to completion of the Transaction. DXP has provided its approval to these changes.
Mr. Kenneth Bagan, one of HSE's independent directors, commented "Mr. Yager previously provided exceptional stewardship to our organization as CEO, and we welcome his return to that role during this exciting period of transition. As Chairman of the Board, Mr. Yager has remained close to the business, and his resumption of the CEO role is a natural fit for all involved."
About HSE
HSE is a national supplier of onsite health, safety and environmental services. From its head office in Calgary, Alberta, it serves its customers from field service locations in Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland-Labrador, Michigan and Texas.
Forward-looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: (i) the successful completion of Transaction; (ii) HSE's ability to obtain all necessary HSE Shareholder, court and regulatory approvals; and (iii) other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.
HSE cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and HSE assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
David L. Yager
Chairman and Interim Chief Executive Officer
Calgary, AB
403-266-1833
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