CALGARY, April 16, 2012 /PRNewswire/ - CE Franklin Ltd.
(NASDAQ: CFK) (TSX: CFT): On April 16,
2012 the Special Committee of the Board of Directors and the
Board of Directors of CE Franklin Ltd. ("CE Franklin") met to
further consider the options and alternatives available to take
steps in the best interest of CE Franklin and CE Franklin
Shareholders.
The Board of Directors and the Special Committee
have decided it is in the best interest of CE Franklin and all
shareholders to formally commence a strategic review process. The
Board of Directors and the Special Committee had previously engaged
CIBC World Markets Inc. ("CIBC") to advise them. CIBC will continue
to advise CE Franklin through the strategic review process.
About CE Franklin
For more than 75 years, CE Franklin has been a
leading supplier of products and services to the energy industry.
CE Franklin distributes pipe, valves, flanges, fittings, production
equipment, tubular products and other general oilfield supplies to
oil and gas producers in Canada as
well as to the oil sands, refining, heavy oil, petrochemical,
forestry and mining industries. These products are distributed
through its 39 branches, which are situated in towns and cities
serving particular oil and gas fields of the western Canadian
sedimentary basin.
Forward-looking Statements: The
information in this news release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
other applicable securities legislation. All statements, other than
statements of historical facts, that address activities, events,
outcomes and other matters that CE Franklin plans, expects,
intends, assumes, believes, budgets, predicts, forecasts, projects,
estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking statements.
These forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome
and timing of future events. When considering forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements and refer to the Form 20-F or our annual
information form for further detail.
SOURCE CE Franklin Ltd.