CALGARY, Alberta, Sept. 20, 2018 (GLOBE NEWSWIRE) — CORDY OILFIELD SERVICES INC. (“Cordy” or the “Company”) (CKK: TSX-V) announces that it has entered into a non-binding Memorandum of Understanding with Remedx Remediation Services Inc. (“Remedx”, collectively with Cordy, the “Parties”). The MOU establishes the framework for the Parties to form joint ventures to pursue various business opportunities, throughout Alberta, in connection with the management of hydrovac generated waste. The initial joint venture will be a non-hazardous slurry facility (the “Site”) located adjacent to Remedx’s Waste Management Facility located in Breton, Alberta (the “Facility”). It is understood that Cordy will be providing planning and construction services for the construction of the Facility, as well as, expertise and knowledge related to the treatment and disposal of hydrovac generated waste. Remedx will be the Site operator and will retain ownership of the Site and all related liabilities associated with the Site. The profit share formula and specific rights and responsibilities of the Parties will be finalized in a legally binding agreement to be negotiated and entered into between the Parties.
RemedX is a privately-owned Canadian corporation formed in 1997 to offer niche, client-driven solutions by providing full-service remediation and reclamation contracting, technical services and waste management. Remedx has gained a solid reputation by working with its clients, contractors and industry to provide quality, cost effective environmental solutions and recently opened a Class II Landfill as part of the Facility at Breton, Alberta to further expand its capacity as a quality, client-focused environmental services provider, which will be an integral component of the new Site.
Barrie Flood, Chief Executive Officer of Remedx comments: “We believe our partnership with Cordy will be a mutually beneficial arrangement and another step forward in responsible disposal of hydrovac generated waste. We look forward to capitalizing on Cordy’s expertise and knowledge in the management and disposal of hydrovac generated waste and are excited to begin working with Cordy in the coming days, months and years as we build a strong corporate and personal relationship with Cordy and their team.”
Darrick Evong, Chief Executive Officer of Cordy comments: “Cordy looks forward to working with Remedx; as Cordy expands its hydrovac services we want to continue to secure cost effective, environmentally responsible, waste disposal solutions for our customers.”
Cordy Oilfield Services Inc. owns businesses that provide environmental and construction services to the municipal and oilfield sectors and continues to evaluate organic and acquisition growth opportunities in these sectors.
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This news release contains certain forward-looking information and statements within the meaning of applicable Canadian securities legislation. Certain statements contained in this news release may contain such words as “anticipate”, “could”, “continue”, “should”, “seek”, “may”, “intend”, “likely”, “plan”, “estimate”, “believe”, “expect”, “will”, “objective”, “ongoing”, “project” and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking statements including the Company’s expectations regarding the completion of the transactions contemplated by the MOU, including the successful negotiation of a binding definitive agreement with RemedX . Although the Company believes that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because the Company can give no assurances that they will prove to be correct. Since forward-looking information and statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oilfield services sector (i.e. demand, pricing and terms for oilfield services; current and expected oil and gas prices; exploration and development programs, weather, health, safety and environmental risks), competition, and uncertainties resulting from potential delays or changes in plans with respect to development projects or capital expenditures and changes in legislation, including but not limited to tax laws, royalties and environmental regulations, stock market volatility and inability to access sufficient capital from external and internal sources. Accordingly, readers should not place undue reliance on the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company’s financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through SEDAR at www.sedar.com. The forward-looking information and statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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