CALGARY, June 15, 2012 /PRNewswire/ - CE Franklin Ltd.
(NASDAQ: CFK; TSX: CFT) ("CE Franklin") announced today
that, further to the previously announced statutory plan of
arrangement (the "Arrangement") with NOCL Holding B.V.
("NOCL") and NOV Distributions Services ULC ("NDS"),
both of which are indirect subsidiaries of National Oilwell Varco,
Inc., the interim order has been granted by the Court of Queen's
Bench of Alberta (the "Interim
Order"). The granting of the Interim Order was a
condition to the completion of the Arrangement.
Further, the management information circular and
proxy statement (the "Circular") will be filed with
securities regulators in Canada
and the United States and will be
accessible on the SEDAR website (www.sedar.com) and the Securities
Exchange and Commission's website (www.sec.gov) on June 18, 2012. Holders of Common Shares of
record as of June 13, 2012 will
receive a paper copy of the Circular by mail.
The special meeting of the shareholders of CE
Franklin will be held on July 16,
2012 at 9:00 a.m. at the
offices of CE Franklin, 1800, 635 - 8th Avenue S.W.,
Calgary, Alberta. All
shareholders are encouraged to vote in person or by proxy.
Details on how to vote are contained in the Circular.
As previously announced on May 30, 2012, pursuant to the Arrangement, NOCL
and NDS have agreed to acquire all of the issued and outstanding
common shares in the capital of CE Franklin for consideration of
CAD$12.75 per Common Share.
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.
About NOV
National Oilwell Varco is a worldwide leader in the
design, manufacture and sale of equipment and components used in
oil and gas drilling and production operations, the provision of
oilfield services, and supply chain integration services to the
upstream oil and gas industry.
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; within the meaning of Canadian
securities law 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.