Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

December 04, 2009 17:10 ET

Cordy Announces Special Meeting of Shareholders

CALGARY, ALBERTA--(Marketwire - Dec. 4, 2009) - Cordy Oilfield Services Inc. ("Cordy") (TSX VENTURE:CKK) announces that a Special Meeting of the Shareholders will be held on February 9, 2010. The record date for the Special Meeting will be December 30, 2009, with the Meeting materials being mailed to the shareholders of Cordy in early January 2010.

The Special Meeting has been called in response to a requistion notice delivered on November 27, 2009 by Geosam Investments Limited ("Geosam") and one other shareholder. Despite that notice being invalid for its failure to disclose the requisitionists' holdings of at least 5% of Cordy's 84,453,810 outstanding shares (as required under the Alberta Business Corporations Act), the Board of Directors has determined that it is in Cordy's best interests to call and hold a Special Meeting of Shareholders to provide all shareholders with the opportunity to reaffirm the mandate most recently given to the Board by the shareholders at Cordy's Annual General and Special Meeting held in July 2009.

The President and Secretary of Geosam is George Armoyan, a former director of Cordy. George Armoyan is also the Executive Chairman and a director of Clarke Inc. Clarke Inc. recently disclosed that Geosam holds in excess of 20% of the outstanding common shares of Clarke Inc. Most recently Clarke Inc. reported that its holds 11,499,600 or 13.62% of the common shares of Cordy.

Cordy is disappointed with the requisition by Geosam and the resulting costs associated with holding a special meeting that the shareholders will now be subject to so shortly after the directors were elected by the shareholders at the recent meeting held in July 2009.

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.

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

  • Cordy Oilfield Services Inc.
    David Mullen
    Chairman & CEO
    (403) 802-6005
    (403) 266-2087 (FAX)
    dmullen@cordy.ca
    or
    Cordy Oilfield Services Inc.
    Allen Cameron
    President
    (403) 802-6006
    (403) 266-2087 (FAX)
    acameron@cordy.ca
    www.cordy.ca