Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

October 27, 2009 17:34 ET

Cordy Announces Resignation of Robert Baldwin as a Director and Acquisition of Tawow Resources Inc.

CALGARY, ALBERTA--(Marketwire - Oct. 27, 2009) - CORDY OILFIELD SERVICES INC. (the "Corporation" or "Cordy") (TSX VENTURE:CKK) announces that Robert Baldwin has provided notice that he will resign as a director of Cordy effective October 31, 2009. Mr. Baldwin has served as a director of the Corporation since May 18, 2006 and during that time was a member of the Audit Committee and the Governance and Compensation Committee. Mr. Baldwin is retired and wishes to spend more time with his family and pursuing other personal interests. Cordy wishes to thank Mr. Baldwin for his dedicated service.

Cordy also announces that it has completed the purchase (the "Transaction") of all of the issued and outstanding securities of Tawow Resources Inc. ("Tawow") in consideration of the payment of $160,000 (cash), the issuance of a promissory note in the amount of $250,000 (due January 29, 2010) and the issuance of a total of 420,000 common shares ("Cordy Shares"). For the purposes of the Transaction, the Cordy Shares were issued at the deemed price of $0.50 per share. The final purchase price is subject to certain closing adjustments which are to be determined 120 days from closing. Concurrent with the completion of the acquisition of Tawow by Cordy, Tawow entered into an employment agreement with Darryl Bouvier, the founder and former owner of Tawow, pursuant to which Mr. Bouvier agreed to act as the general manager of Tawow and received an additional 400,000 Cordy Shares. The Transaction remains subject to final acceptance by the TSX Venture Exchange.

Tawow, established in 2001, is primarily engaged in the business of providing slashing and other services mainly to geophysical and pipeline contractors. Mr Bouvier has established relationships with certain First Nations that Cordy believes it can expand upon going forward.

Cordy Oilfield Services Inc. owns businesses in Alberta and British Columbia in the construction, environmental, manufacturing and pipeline sectors and is focused on implementing strategic and organic growth strategies.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements. Cordy believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. The forward-looking statements included in this press release are made as of the date of this press release and Cordy disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • For general information:
    Cordy Oilfield Services Inc.
    David Mullen, Chairman & CEO
    (403) 802-6005
    (403) 266-2087 (FAX)
    dmullen@cordy.ca
    or
    For investor relations information:
    Cordy Oilfield Services Inc.
    David Orr, Senior Vice President
    (403) 802-6008
    (403) 266-2087 (FAX)
    dorr@cordy.ca
    www.cordy.ca