Global Energy Services Ltd.
TSX VENTURE : GLK

Global Energy Services Ltd.

July 21, 2011 13:58 ET

Global Energy Services Ltd. Announces Intent to Sell the Business and Assets of Its Communication Division

CALGARY, ALBERTA--(Marketwire - July 21, 2011) - Global Energy Services Ltd. (TSX VENTURE:GLK) ("Global") is pleased to announce that it has reached agreement to sell its Communication Business to 1610635 Alberta Inc., a private Alberta company ("1610635"). The assets intended to be sold include the Canadian Communications Division and all equity interest in the wholly-owned U.S. subsidiary, Global Energy Services USA Inc.

The transaction is a non-arm's length party transaction pursuant to Policy 5.3 Acquisitions and Dispositions of Non-Cash Assets of the TSX Venture Exchange (the "Exchange") as a director of Global owns fifty percent of the outstanding voting securities of 1610635.

The purchase price for the assets is $2,300,000, payable by $1,900,000 in cash and the issuance of a vendor take back loan for $400,000 secured against the Communications Business assets, deliverable at closing. As a non-arm's length transaction, this transaction is subject to the completion of customary closing conditions including receipt of the approval of disinterested shareholders and the Exchange. The proposed transaction will be presented to the shareholders at the forthcoming annual general and special meeting of shareholders scheduled to be held on August 24, 2011.

Following this transaction, Global will focus its efforts on the production service sector, building off of the recently completed acquisition of the assets of Stellarton Technologies Inc. as disclosed in prior news releases dated March 29, 2011, April 26, 2011 and June 17, 2011. The production services segment utilizes its patented Activator Hydraulic Submersible Pump ("HSP") to enhance and increase ultimate production in both conventional and unconventional gas, oil, and CBM wells. Global was founded in 1994 and is listed on the Exchange.

More information about Global Energy Services can be found at http://www.global-energy.ca

This News Release contains forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of Global to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, fluctuations in the markets for oil & gas and related products and services, political and economic conditions, the demand for the products and services provided by Global, industry competition and Global's ability to attract and retain both customers and key personnel.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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