CALGARY, Alberta, Jan. 08, 2020 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces that the Board of Directors (the “Board“) of the Corporation is undertaking a formal process to identify, examine and consider the strategic alternatives available to the Corporation to maximize value for shareholders. Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, a disposition of all or a portion of the Corporation’s assets, a recapitalization, refinancing of its capital structure, or any combination of the foregoing.
The Board has engaged Sayer Energy Advisors as its financial advisor in connection with this review and analysis of strategic alternatives.
The Corporation has not set a definitive schedule to complete its strategic review. Toscana does not intend to disclose developments with respect to the strategic review process unless and until such time as the Board approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is necessary or appropriate. There can be no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.
