"Boots & Coots Files 12b-25 Extension Request"
Friday March 31, 3:09 pm Eastern Time
Company Press Release
SOURCE: Boots & Coots International Well Control, Inc.
HOUSTON, March 31 /PRNewswire/ -- Boots & Coots International Well Control, Inc. (Amex: WEL - news), the leading provider of global prevention and emergency response well control solutions to the oil and gas industry, announced that it has filed a l2b-25 extension request with the Securities and Exchange Commission (``SEC') for extension of the filing deadline relative to its Form 1O-K for the fiscal year ended December 31, 1999. The extension has been requested due to a delay in engaging the Company's independent public accountants. Management has dedicated significant time to capital raising activities and refinancing commitments, as has been previously disclosed. Further, the Company has been engaged in negotiations for the sale of the assets of its wholly owned subsidiary, International Tool and Supply (``ITS'). The Company anticipates filing the report Form 10-K promptly upon completion of the audit.
Results for the year ended December 31, 1999 will not be finalized until completion of the audit. The Company anticipates reporting a significant increase in losses, in comparison to its results for fiscal year end December 31, 1998, including, one time non-cash charges relating to the anticipated sale of the assets of its wholly owned subsidiary, ITS. In addition to the special charges, operations for 1999 were severely impacted by curtailed activities during this year by the exploration and production business sectors, which represents a significant element of the Company's customer base.
Management sees significant improvement in both the exploration and production sectors as well as the service sector in the first quarter of this year and anticipates a continuation of the upturn in activity as a result of improved commodity pricing.
Forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve assumptions that, although believed to be reasonable at this date, are subject to uncertainties, which may cause actual results to differ from anticipated results.
SOURCE: Boots & Coots International Well Control, Inc.
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