Cordy Forms Joint Venture with Marwest Utility Services Inc.
December 07 2020 - 5:36PM
CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (CKK:
TSX-V) announces that it has formed a joint venture (the “JV”) with
Marwest Utility Services Inc. (“Marwest”). Cordy is the Manager of
the JV and holds a 49% ownership interest in the JV with Marwest
holding the remainder.
Marwest is headquartered in Kamloops, British
Columbia and operates as a wholly-owned, 100% aboriginal company
that provides services to mining, energy and transportation
businesses. Marwest has partnership agreements with First Nations
located throughout British Columbia (the “Partnerships”).
The JV will provide a complete range of project
management, support and environmental services for the construction
oil and gas pipelines; maintenance and integrity of transmission
pipelines and facilities; and specialty transportation services. It
is expected that the JV will provide the Partnerships with
increased opportunities to achieve meaningful participation in
future projects and development in their area.
The JV replaces the potential transaction to
acquire the assets and business contracts of the construction and
transportation companies described by Cordy in its June 19, 2019
news release.
For general and investor relations information,
please contact:
Darrick
Evong Chief
Executive
Officer IR@cordy.ca Tel:
403-262-7667
Neither the 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.
READER ADVISORY
This News Release contains certain statements
that constitute forward-looking statements. These statements relate
to future events or the future performance of the Corporation and
the JV. All statements, other than statements of historical fact,
that address activities, events or developments that the
Corporation or a third party expects or anticipates will or may
occur in the future, are forward-looking statements. These include
the future growth, results of operations, performance and business
prospects and opportunities of the JV; prevailing economic
conditions; commodity prices; sourcing, pricing and availability of
raw materials, components and parts, equipment, suppliers,
facilities and skilled personnel; dependence on major customers;
uncertainties in weather and temperature affecting the duration of
the service periods and the activities that can be completed;
regional competition; and other factors, many of which are beyond
the Corporation’s control. These other factors include future
prices of oil and natural gas and oil and natural gas industry
activity, including the effect of changes in commodity prices on
oil and natural gas exploration and development activity, the
ability to complete strategic acquisitions and realize the
anticipated benefits of any acquisitions that are completed, the
Corporation’s outlook regarding the competitive environment it
operates in, and the assumptions underlying any of the foregoing.
Forward-looking statements are often, but not always, identified by
the use of words such as “seek”, “anticipate”, “plan”, “continue”,
“estimate”, “expect”, “may”, “will”, “project”, “predict”,
“potential”, “targeting”, “intend”, “could”, “might”, “should”,
“believe” and similar expressions. These statements involve known
and unknown risks, uncertainties and other factors, many of which
are beyond the Corporation’s control, including those discussed
under “Risks and Uncertainties” and elsewhere in this News Release,
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. The
Corporation believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this News Release should not
be unduly relied upon. These statements speak only as of the date
of this News Release. The Corporation does not intend, and does not
assume any obligation, to update these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws. The
forward-looking statements contained in this News Release are
expressly qualified by this cautionary statement.
Cordy Oilfield Services (TSXV:CKK)
Historical Stock Chart
From May 2024 to Jun 2024
Cordy Oilfield Services (TSXV:CKK)
Historical Stock Chart
From Jun 2023 to Jun 2024