TORONTO and MARSEILLE, France, March 18,
2024 /CNW/ - Foraco International SA (TSX: FAR) (the
"Company" or "Foraco"), a leading global provider of mineral and
water drilling services, today announced the completion of the sale
of its shareholding in its subsidiary, EDC Russia.
The Company is pleased to announce its definitive exit from
Russia, with the sale of its
shareholding in EDC Russia, a transaction that has received
approval from the Russian authorities. This deal results in a
marginal net profit for the Company.
"Neither TSX Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release."
Caution concerning
forward-looking statements
These statements and information include estimates, forecasts,
information and statements as to Management's expectations with
respect to, among other things, the liquidity of Foraco shares.
Often, but not always, forward-looking statements and information
can be identified by the use of words such as "may", "will",
"should", "plans", "expects", "intends", "anticipates", "believes",
"budget", and "scheduled" or the negative thereof or variations
thereon or similar terminology. Forward-looking statements and
information are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by Management, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Readers are cautioned
that any such forward-looking statements and information are not
guarantees and there can be no assurance that such statements and
information will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed
under the heading "Risk Factors" in the Company's Annual
Information Form dated March 7, 2024,
which is filed with Canadian regulators on SEDAR (www.sedar.com).
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements and information
whether as a result of new information, future events or otherwise.
All written and oral forward-looking statements and information
attributable to Foraco or persons acting on our behalf are
expressly qualified in their entirety by the foregoing cautionary
statements.
SOURCE Foraco International SA