Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

May 15, 2009 09:12 ET

Geosam Investments Limited Confirms Intention

CALGARY, ALBERTA--(Marketwire - May 15, 2009) - Cordy Oilfield Services Inc. ("the "Corporation" or "Cordy") (TSX VENTURE:CKK) announces that Geosam Investments Limited ("Geosam") has confirmed its intention to proceed with its previously announced intention to commence a take-over bid to acquire all of the issued and outstanding shares of the Corporation not owned by Geosam at the price of $0.20 per share in cash. Geosam has confirmed its earlier advice that in the event that it does make such an offer, the price of $0.20 per share would be subject to adjustment on a dollar for dollar basis should the costs incurred by Cordy in connection with such offer exceed $150,000. Geosam has now indicated that such an offer would not be subject to minimum tender, management retention, financing or due diligence conditions. In addition, Geosam has also confirmed that such an offer would be subject to a material adverse change condition and further advised that such an offer will be subject to regulatory and other conditions customary for a transaction such nature. Such an offer would be considered to be an insider bid due to the relationship of George Armoyan, a director of Cordy, to Geosam. Geosam has made application to the relevant regulatory authorities for an order permitting such an offer to proceed without a valuation. Geosam has also advised Cordy that such offer will be commenced as soon as practicable following the receipt of either a formal valuation or exemptive relief from having to obtain a formal valuation. Please refer to Cordy's news releases of March 26, 2009 and April 24, 2009 for additional information.

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 outstanding shares of the Corporation not owned by Geosam at the price of $0.20 per share in cash (subject to adjustment). 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 outstanding shares of the Cordy not owned by Geosam at the price of $0.20 per share in cash. 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