Destiny Resource Services Corp.

Destiny Resource Services Corp.

March 01, 2010 13:11 ET

Destiny Resource Services Corp. Announces Closing of Merger With Logan Oil Tools and Proposed Name Change

CALGARY, ALBERTA--(Marketwire - March 1, 2010) - Destiny Resource Services Corp. ("Destiny") (TSX:DSC) announces it has closed the merger with Logan Holdings, Inc. Pursuant to the closing, Destiny issued 27,267,706 shares to acquire Logan Holdings, Inc. (and its wholly-owned operating companies, Logan Oil Tools and Dennis Tool Company). Destiny now has 32,850,287 shares outstanding.

Destiny also announces its intention to change its name at its upcoming May 13, 2010 meeting of shareholders to Logan International Ltd.

"We are delighted to conclude the merger of Logan and Destiny and to now be able to move forward with our business plan" said Gerald Hage, CEO of Destiny. "We very much believe in our strategy and look forward to the opportunity to deliver value to our shareholders."

About Logan: 

Logan manufactures and sells a complete line of downhole products – retrieving tools, stroking tools, surface tools, remedial tools and high performance polycrystalline diamond compact ("PDC") cutters and bearings for a variety of well workover, intervention, drilling and completion activities. Based in Houston, Texas, Logan is recognized as a leading source of superior products for many of the largest fishing and rental tool companies and a provider of PDC and tungsten carbide inserts to drill bit manufacturers around the world.

About Destiny:

Destiny provides seismic front-end services to energy explorers and producers and to seismic acquisition companies in North America. Services provided are seismic line clearing (Destiny Line Clearing); shot-hole drilling (Destiny Drilling; Destiny Drilling USA) and Geospatial Services including survey and mapping (Destiny Survey & Mapping; Destiny Survey & Mapping USA); navigation, positioning and asset management technology (Destiny Navigation Technologies); and locating services (Advanced Locating Services).

Contact Information

  • Destiny Resource Services Corp.
    Gerald Hage
    Chief Executive Officer
    (281) 617-5300
    (281) 219-6638 (FAX)
    Destiny Resource Services Corp.
    Bruce Libin
    (403) 231-2755
    (403) 233-8714 (FAX)