HOUSTON, Jan. 11, 2018 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc.(NASDAQ:SAEX) (OTCQB:SXPLW), or SAE, today announced that it has received approximately $15.7 million of additional tax credit certificates from the state of Alaska's Department of Revenue.
Approximately $2.9 million of the tax credit certificates relate to a settlement agreement with the State of Alaska regarding the appeal of $5.8 million in previously disallowed expenditures. When combined with existing tax credit certificates in-hand, the total amount of tax credit certificates held by SAE and available for monetization is now approximately $41.3 million. SAE currently expects to receive the remaining $29.9 million of tax credit certificates still being processed by the State of Alaska during 2018.
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, Southeast Asia and West Africa. 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 and New Zealand. 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 filings with the Securities and Exchange Commission. 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.
SAExploration Holdings, Inc.Ryan Abney
Vice President, Finance
Source: SAExploration Holdings, Inc.
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