Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

February 09, 2010 13:39 ET

Cordy Shareholders Confirm Overwhelmingly Support for Current Directors

CALGARY, ALBERTA--(Marketwire - Feb. 9, 2010) - Cordy Oilfield Services Inc. ("Cordy") (TSX VENTURE:CKK) is pleased to announce that the resolution to remove Messrs. David Mullen, Kevin Mullen and Steve Mallet from the Cordy Board was overwhelmingly rejected by more than 98% of shareholders who voted at Cordy's Special Meeting that was held in Calgary today (the "Special Meeting"). More that 55% of the common shares of Cordy were voted. Geosam Investments Limited and Raffi Sethian (the "Requisitionists") did not appear to vote at the Special Meeting. The outcome of today's vote would not have been affected in any case as management estimates that the Requisitionists' collectively hold less than 5% of the total issued and outstanding shares of Cordy.

Cordy elected to proceed with its own Special Meeting due to the risk and probability that Geosam Investments Limited and Raffi Sethian (the "Requisitionists") would amend their original invalid requisition and oblige the corporation to call a Special Meeting in any event.

"The message coming out of today's Special Meeting is unmistakable: the shareholders have had enough of the Requisitionists' costly distractions and want the path to be clear for the current Board to focus on business and value maximization for all shareholders" said Allen Cameron, Cordy's President.

"Hopefully with the Requisitionists' agenda for Cordy having now been so soundly defeated, both at the July, 2009 AGM, and again at today's Special Meeting, we can put the George Armoyan led distractions behind us and get on with running the business" stated David Mullen, Cordy's largest shareholder and Chief Executive Officer. "Without these unnecessary distractions, the Board and management will be able to focus on activities and initiatives designed to increase shareholder value. In the coming months, your Board looks forward to focusing on pursing new business development opportunities and other growth initiatives without further interference from George Armoyan" said David Mullen.

Messrs. David Mullen, Kevin Mullen and Steve Mallet wish to thank Cordy's shareholders for the overwhelming support.

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