CALGARY, Alberta, Dec. 12, 2017 (GLOBE NEWSWIRE) — Cordy Oilfield Services Inc. (“Cordy” or the “Corporation”) (TSXV:CKK) is pleased to announce closing of the acquisition of the assets and the business (the “Acquisition”) of 1094956 Alberta Ltd. operating as Hornet Hydrovac (“Hornet”), by its wholly owned subsidiary Cordy Environmental Inc. (“Enviro”), which was completed on December 11, 2017.
Hornet carries on the business of providing hydrovac trucking services, and the Acquisition increases Enviro’s hydrovac fleet size by 33 percent with a shift to higher capacity hydrovac’s. The Acquisition is part of Cordy’s strategic direction to diversify its client base and focus on increasing its municipal and industrial market share. Cordy is positioning itself to capitalize on the increased demand for hydrovac services, stemming from industry estimates of over $10 billion dollars of planned infrastructure projects in Calgary and surrounding areas over the next 5 years.
Hornets President and 100% owner, Colin Cummings will join the Cordy team. Colin brings over 20 years of hydro-excavation and other industry experience.
Cordy will continue to evaluate organic and acquisition growth opportunities with the support of our equipment lender.
Additional information on Cordy is available on our website www.cordy.ca or on SEDAR at www.sedar.com.
For general or investor relations information, please contact:
Darrick Evong, CEO
phone: (403) 262-7667
Forward Looking Statements
This press 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”, “may”, “will”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. All statements included herein, other than statements of historical fact, constitute forward-looking information and such information involves various risks and uncertainties. In particular, this press release contains forward looking statements pertaining to the strategic direction of Cordy, Cordy’s positioning to capitalize on the increased demand for hydrovac services, estimates for planned infrastructure projects in Calgary, anticipated benefits of the employment of Colin Cummings with the Corporation and the future growth of the Corporation’s business both organically and through acquisitions and the Corporation’s future prospects. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of certain assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither 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.