CALGARY, Alberta, Dec. 07, 2020 (GLOBE NEWSWIRE) -- 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.
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Chief Executive Officer
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.
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.