CALGARY, Alberta, May 06, 2020 (GLOBE NEWSWIRE) — STEP Energy Services Ltd. (the “Company” or “STEP”) is announcing that its filing of interim financial statements for the three months ended March 31, 2020 (the “Q1 Financial Statements”) and related management’s discussion and analysis (“MD&A”) will be postponed. STEP is also providing a further update on actions taken in response to the COVID-19 pandemic and current market and industry conditions. The following press release should be read in conjunction with the MD&A and audited consolidated financial statements as at and for the year ended December 31, 2019, and STEP’s annual information form dated March 11, 2020 (“AIF”). The above documents are available on STEP’s website at www.stepenergyservices.com or on SEDAR at www.sedar.com.
RELEASE OF FINANCIAL STATEMENTS & MD&A
Due to the ongoing COVID-19 pandemic, STEP is relying upon the exemption provided by the Alberta Securities Commission in ASC Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (the “Blanket Order”), and other similar relief provided by the Canadian Securities Administrators to postpone the release of its Q1 Financial Statements and MD&A. The Blanket Order provides issuers with up to an additional 45 days to file interim financial statements and MD&A, provided that the issuer complies with the requirements of the Blanket Order. STEP’s reliance on the Blanket Order means STEP’s filing deadline is June 29, 2020. However, STEP currently anticipates its Q1 Financial Statements and MD&A will be released prior to the start of trading on the Toronto Stock Exchange on May 21, 2020.
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