Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

May 22, 2009 14:16 ET

Cordy Constitutes a Special Committee of Independent Directors

CALGARY, ALBERTA--(Marketwire - May 22, 2009) - Further to the press release issued by Cordy Oilfield Services Inc. ("the "Corporation" or "Cordy") (TSX VENTURE:CKK) on May 15, 2009, Cordy announces that it has constituted a Special Committee of independent directors to investigate and evaluate strategic alternatives available to the Corporation, including but not limited to, the alternative presented by Geosam Investments Limited ("Geosam").

FirstEnergy Capital Corp. ("FirstEnergy") has been retained as financial advisor and independent valuator to the Special Committee. The Special Committee has instructed FirstEnergy to prepare a formal valuation of Cordy that would be included in the offer to purchase and takeover bid circular, as required by OSC rule 61-101, which may be issued by Geosam, upon deposit of funds by Geosam for the cost of the formal valuation.

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 and increasing its focus on the oil sands which could utilize all its business units.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the intention of Geosam to make an offer to acquire by way of a takeover bid all of the issued and outstanding shares of the Corporation not owned by Geosam. The forward-looking statements and information are based on representations made to Cordy by Geosam. As such, undue reliance should not be placed on the forward looking statements and information because Cordy can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties. These risks and uncertainties may include, but are not limited to, whether any conditions that Geosam may have for making such an offer are satisfied. Readers are cautioned not to place undue reliance on this forward-looking information. There is no assurance that Geosam will make an offer to acquire all of the issued and outstanding shares of the Cordy not owned by Geosam or that other alternatives will be available to Cordy. Cordy undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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 and CEO
    (403) 266-2067
    (403) 266-2087 (FAX)
    Email: dmullen@cordy.ca
    or
    For investor relations information:
    Cordy Oilfield Services Inc.
    David Orr, Senior Vice President
    (403) 266-2067
    (403) 266-2087 (FAX)
    Email: dorr@cordy.ca
    Website: www.cordy.ca