SAExploration Announces Appointment of Independent Director to Board and Audit Committee and Regains Full Compliance With Nas...
18 January 2017 - 12:00AM
SAExploration Holdings, Inc. (NASDAQ:SAEX);
(OTCQB:SXPLW), or SAE, today announced that Michael J. Faust has
been appointed to serve on its board of directors. SAE further
announced, that as a result of the election of Mr. Faust, his
appointment to serve on the company’s audit committee, and the
board of directors’ determination that he is an independent
director, it has received formal notification from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”)
that the company has regained full compliance with the audit
committee requirement for continued listing on Nasdaq.
Michael Faust has 34 years of industry,
financial and leadership experience within the oil and gas sector,
including diverse geological, geophysical and technical reservoir
experience spanning many different basins and formations throughout
the world. Prior to joining SAE’s board, Mr. Faust was the Vice
President of Exploration and Land at ConocoPhillips Alaska, Inc.,
where he oversaw and managed the company’s exploration organization
and strategy in Alaska. After joining Arco Alaska, Inc. in 1997,
Mr. Faust held multiple senior positions up to and following
Phillips Petroleum Co.’s acquisition of Arco Alaska, Inc. in 2000
and the subsequent merger between Phillips and Conoco Inc., which
created ConocoPhillips Alaska, Inc. in 2002. These positions of
increasing responsibility included Chief Geophysicist, Development
Geoscience Manager, Technology and Operations Manager, and Offshore
Exploration Manager, among others. In 2008, Mr. Faust was appointed
Vice President of Exploration and Land at ConocoPhillips Canada
Ltd. Prior to Arco Alaska, Inc., Mr. Faust also held various
positions with Exxon Exploration Company and Esso Norge A.S. after
beginning his career with Exxon Co. USA in 1983. Mr. Faust earned
his Master of Arts degree in Geophysics from the University of
Texas at Austin in 1984, after receiving his Bachelor of Science
degree in Geology from the University of Washington in 1981. Mr.
Faust is a Certified Petroleum Geologist and a member of the
American Association of Petroleum Geologists, the Society of
Exploration Geophysicists, and served as the President of the
Geophysical Society of Alaska from 2001 to 2002.
On August 3, 2016, Nasdaq staff notified the
company that its common stock had failed to meet the audit
committee requirements under Listing Rule 5605(c)(2). At the time,
SAE had only two directors that satisfied the independence
requirement of that rule. However, following the appointment of Mr.
Faust to the company’s board of directors, his appointment to serve
on the company’s audit committee, and determination that he was an
independent director, SAE now has three independent directors that
serve on its audit committee. SAE has submitted to Nasdaq
documentation, including biographies and other information,
evidencing compliance with the rule. As a result, Nasdaq staff has
determined that the company now meets the audit committee
composition and independence requirements. Accordingly, the company
has regained compliance with Listing Rule 5605(c)(2) and this
matter is now closed. SAE is no longer deficient on any of the
requirements under its listing standard with Nasdaq.
About SAExploration Holdings,
Inc.
SAE is an internationally-focused oilfield
services company offering a full range of vertically-integrated
seismic data acquisition and logistical support services in remote
and complex environments throughout Alaska, Canada, South America
and Southeast Asia. In addition to the acquisition of 2D, 3D,
time-lapse 4D and multi-component seismic data on land, in
transition zones and offshore in depths reaching 3,000 meters, SAE
offers a full suite of logistical support and in-field data
processing services, such as program design, planning and
permitting, camp services and infrastructure, surveying, drilling,
environmental assessment and reclamation and community relations.
SAE operates crews around the world, performing major projects for
its blue-chip customer base, which includes major integrated oil
companies, national oil companies and large independent oil and gas
exploration companies. Operations are supported through a
multi-national presence in Houston, Alaska, Canada, Peru, Colombia,
Bolivia, Brazil, New Zealand and Malaysia. For more information,
please visit SAE’s website at
www.saexploration.com.
The information in SAE’s website is not, and
shall not be deemed to be, a part of this notice or incorporated in
filings SAE makes with the Securities and Exchange
Commission.
Forward Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws with respect to SAE. These statements can be
identified by the use of words or phrases such as “expects,”
“estimates,” “projects,” “budgets,” “forecasts,” “anticipates,”
“intends,” “plans,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions. These
forward-looking statements include statements regarding SAE's
financial condition, results of operations and business and SAE's
expectations or beliefs concerning future periods and possible
future events. These statements are subject to significant known
and unknown risks and uncertainties that could cause actual results
to differ materially from those stated in, and implied by, this
press release. Risks and uncertainties that could cause actual
results to vary materially from SAE’s expectations are described
under “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in SAE’s Form 10-Q filed on November 4, 2016, for the
period ended September 30, 2016. Except as required by applicable
law, SAE is not under any obligation to, and expressly disclaims
any obligation to, update or alter its forward looking statements,
whether as a result of new information, future events, changes in
assumptions or otherwise.
Contact
SAExploration Holdings, Inc.
Ryan Abney
Vice President, Finance
(281) 258-4409
rabney@saexploration.com
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