|By Marketwired .||
|July 11, 2014 07:09 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/11/14 -- Cordy Oilfield Services Inc. ("Cordy") (TSX VENTURE: CKK) is pleased to announce that it entered into an Asset Purchase Agreement with Lyncorp International Ltd. ("Lyncorp") (the "Transaction") pursuant to which Cordy has purchased sixteen pieces of heavy construction equipment from Lyncorp for an aggregate purchase price of $4,649,000 + GST. The purchase price was paid by Cordy in cash.
Lyncorp is wholly-owned and controlled by David Mullen, the Chief Executive Officer, Chairman and a director of Cordy. Together, David Mullen and Lyncorp hold approximately 19.19% of Cordy's outstanding common shares.
Cordy has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the purchase of the Assets from Lyncorp (Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
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. In particular, this news release contains forward-looking information regarding the Transaction and timing with respect to the closing of the second tranche. All statements included herein, other than statements of historical fact, constitute forward-looking information and such information involves various risks and uncertainties. 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.
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.
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