QCC Technologies Inc.
TSX VENTURE : QCC

QCC Technologies Inc.

August 30, 2005 17:12 ET

QCC Technologies Inc. Enters Letter of Intent to Acquire Calgary Septic Co. Ltd. and CSC Ltd., Name Change and Grant of Options

CALGARY, ALBERTA--(CCNMatthews - Aug. 30, 2005) - QCC TECHNOLOGIES INC. (the "Corporation") (TSX VENTURE:QCC) is pleased to announce that it has entered into a letter of intent dated August 30, 2005 pursuant to which the Corporation intends to purchase all of the issued and outstanding common shares of Calgary Septic Co. Ltd. ("Calgary Septic"), the sole shareholder of CSC Ltd. The proposed acquisition is an arm's length transaction.

Calgary Septic conducts its business through CSC Ltd. CSC Ltd. is a Calgary-based company that supplies the commercial and oil and gas industries in Southern Alberta with numerous services. These include hydro vacuuming, tank and vessel cleaning, high pressure and steam washing, tank inspections, transport and disposal of dangerous goods and 24-hour emergency response.

The entering into of a definitive agreement providing for the proposed acquisition is subject to the completion of due diligence on behalf of the Corporation and Calgary Septic and the approval of the proposed acquisition by the boards of directors of the Corporation and Calgary Septic.

Name Change

The Corporation will change its name to "Cordy Oilfield Services Inc.". The name change was approved by the shareholders of the Corporation at the annual and special meeting of shareholders held on July 5, 2005. Completion of the name change is subject to final acceptance by the TSX Venture Exchange (the "Exchange").

Grant of Stock Options

Concurrent with the completion of the acquisition of Calgary Septic, the Corporation proposes to grant incentive stock options, subject to the approval of the Exchange, to the directors, officers, employees and consultants of the Corporation and Calgary Septic, to acquire up to 750,000 common shares of the Corporation. The Corporation hereby reserves $1.18 as the exercise price for such stock options.

Completion of the proposed acquisition is subject to a number of conditions, including but not limited to, Exchange acceptance and, if applicable pursuant to Exchange requirements, disinterested shareholder approval. Where applicable, the proposed acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed acquisition will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the proposed acquisition, any information released or received with respect to the proposed acquisition may not be accurate or complete and should not be relied upon. Trading in the common shares of the Corporation should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • QCC Technologies Inc.
    Sid Dutchak
    President and CEO
    (403) 242-6041