Strad Energy Services Ltd.
TSX : SDY

Strad Energy Services Ltd.

March 29, 2016 17:05 ET

Strad Energy Services Ltd. Announces Management Change & Adoption of Advance Notice By-Law

CALGARY, ALBERTA--(Marketwired - March 29, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Strad Energy Services Ltd. ("Strad" or the "Company") (TSX:SDY) is pleased to announce the appointment of Mr. Michael Donovan as Chief Financial Officer effective today. Mr. Donovan is replacing Mr. Greg Duerr, who is stepping down for personal reasons after four years with the Company. Mr. Duerr will remain as an advisor to the Company for the next year.

Mr. Donovan, a five year member of Strad's management team, has extensive financial and operational experience with the Company. Most recently Mr. Donovan held the role of Director, Corporate Finance reporting to Mr. Duerr. Mr. Donovan has over nine years energy services experience in progressively senior finance and accounting roles. Mr. Donovan is a Chartered Professional Accountant with a Bachelor of Commerce degree from the University of Saskatchewan (Great Distinction).

Andy Pernal, Chief Executive Officer of Strad, said, "On behalf of everyone at Strad, I would like to congratulate Michael and thank Greg for his contributions during his tenure as CFO. We wish Greg all the best in the future."

Strad also announced that its Board of Directors has adopted an advance notice by-law (the "Advance Notice By-Law"), the purpose of which is to provide shareholders, directors and management of the Company with a clear framework for nominating directors. The Advance Notice By-Law fixes a deadline by which holders of record of common shares of Strad must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice in order for it to be valid.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days prior to the date of the annual meeting; provided, however, that in the event the annual meeting is to be held on a date that is less than 50 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the nominating shareholder must be provided not later than the close of business on the 10th day following the Notice Date.

In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors, notice to the Company must be provided not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Advance Notice By-Law is now effective and in full force and effect. Shareholders of Strad will be asked to confirm and ratify the Advance Notice By-Law at the upcoming annual and special meeting of shareholders currently scheduled for June 2, 2016. If the Advance Notice By-Law is not confirmed by shareholders at the upcoming annual meeting, the Advance Notice By-Law will be of no further force and effect following the termination of such meeting of shareholders.

The full text of the Advance Notice By-Law will be made available under Strad's profile on SEDAR at www.sedar.com.

About Strad Energy Services Ltd.

Strad is a North American energy services company that focuses on providing well-site infrastructure solutions to the oil and natural gas industry. Strad focuses on providing complete customer solutions in well-site-related oilfield equipment for producers active in unconventional resource plays.

Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".

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

Contact Information

  • Strad Energy Services Ltd.
    Andy Pernal
    President & Chief Executive Officer
    (403) 775-9202
    (403) 232-6901 (FAX)
    apernal@stradenergy.com

    Strad Energy Services Ltd.
    Michael Donovan
    Chief Financial Officer
    (403) 775-9221
    (403) 232-6901 (FAX)
    mdonovan@stradenergy.com