CALGARY, ALBERTA--(Marketwired - Dec. 16, 2013) - Logan International Inc. (TSX:LII) ("Logan" or the "Company") announced today that the Board of Directors of Logan (the "Board") has elected to end the strategic alternatives review process that was announced on May 22, 2013.
With the assistance of external advisors, Logan conducted a strategic review of the alternatives available to Logan that included a canvass of prospective acquirers. During this process, the Board rejected several expressions of interest that were at a premium to the then current market value of Logan but did not represent sufficient value for the shareholders in light of the Company's continued revenue and earnings growth and debt reduction.
Gerald Hage, President and Chief Executive Officer of Logan, stated, "Logan continues to focus on running the business prudently and creating long term value for its shareholders. For 2013, Logan will achieve record revenues and profitability with expansion into new product lines and international markets for our products. As we look ahead, we expect 2014 to be another year of growth driven by expanding global use of our drilling and completion tools. Our management team is dedicated to enhancing shareholder value and expects to achieve our earnings and debt reduction targets for 2013 and 2014. Although the strategic review process has been formally terminated, the Logan Board of Directors will continue to review all potential alternatives that could maximize shareholder value."
About Logan International Inc.
Logan manufactures and sells a comprehensive line of quality fishing and intervention tools, including retrieving, surface, stroking and remedial tools for a variety of well workover, intervention, drilling, and completion activities (Logan Oil Tools, Inc.); manufactures and sells high-performance poly-crystalline diamond compact (PDC) cutters and bearings (Logan SuperAbrasives fka Dennis Tool Company); manufactures and sells packers, bridge plugs, and other completion products (Kline Oilfield Equipment, Inc.); provides proprietary multi-zonal completion technology and conventional completion production products and services (Logan Completion Systems Inc.); provides proprietary and patented products and services that are focused on production optimization in sand-laden heavy oil wells (Scope Production Development Ltd.); and provides proprietary tools that enhance the effectiveness of horizontal drilling (Xtend Energy Services Inc. and Logan Jars, LLC).
This press release contains forward-looking statements. These statements relate to future events or future performance of Logan. When used in this press release, the words "may", "could", "will", "intend", "propose", "potential" and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan's Annual Information Form filed on www.sedar.com, which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.
For more information about Logan International Inc., please visit our website at www.loganinternationalinc.com.