Feb 27 Poseidon Concepts Corp, an
oilfield services company whose market capitalization has
plunged to C$22 million from over C$1 billion in the past year,
said its interim finance head and former chief executive, Lyle
Michaluk, has left as part of a reorganization.
Michaluk was demoted in December from chief executive to
interim chief financial officer. Matt MacKenzie, the chief
financial officer before Michaluk, has also left, Poseidon said
in a statement on Wednesday.
Poseidon said earlier this month it would restate results
for the first three quarters of 2012 because up to C$106 million
of its C$148.1 million revenue for the nine months to Sept. 30
should not have been recorded.
Several class action lawsuits have been filed against
Poseidon alleging, among other things, that the company made
materially false and misleading statements.
The company could not be reached for comment.
Calgary-based Poseidon, which rents out tanks that store
fluids used in shale drilling, said in December pricing and
earnings margins were hit by the slowdown in drilling in North
The company has breached a loan agreement and suspended
payment of dividends over the past three months.
Its shares have fallen 98 percent since it reported
third-quarter results on Nov. 14. The stock closed at 27
Canadian cents before trading was halted on Feb. 14.