IROC Energy Services Corp. Appoints Special Committee to Evaluate Strategic Options
August 05 2008 - 6:00AM
Marketwired Canada
THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY UNITED
STATES NEWS SERVICES.
IROC Energy Services Corp. ("IROC" or the "Company") (TSX:ISC) announces that it
has established a special committee (the "Special Committee") of certain
independent directors of IROC with a mandate to undertake a process to evaluate
the various strategic alternatives available to the Company. In this regard, the
Special Committee has retained Peters & Co. Limited as its financial advisor to
assist in the review process.
Tom Alford, the President and CEO of IROC commented: "Management and the Board
of Directors of IROC continue to recognize the strength and growth prospects of
IROC's core businesses and the improving market conditions resulting from robust
commodity prices and the emergence of certain resources style plays in the
Western Canadian Sedimentary Basin. The Special Committee has been formed to
thoroughly examine all alternatives available to IROC in order to ensure that
shareholder value is maximized. The process will be carried out over a period of
time and has no predetermined or preconceived outcome."
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through
the IROC Energy Services Partnership, provides a comprehensive and diverse range
of products, services and equipment to the oil and gas industry. IROC combines
cutting-edge technology with depth of experience to deliver a product and
services offering in six core areas: well servicing & equipment, drilling rig
equipment & services, downhole temperature & pressure monitoring tools, rental
services, lease building, and safety, monitoring & communications services. For
more information on IROC Energy Services Corp. visit our website at
www.iroccorp.com.
Publicly reported information for IROC Energy Services Corp. is available at
www.sedar.com.
Cautionary Statements
Certain statements contained in this press release may constitute forward
looking statements concerning, among other things, expected revenues, expected
expenses, profits, developments and strategies for IROC's operations all of
which are subject to certain risks, uncertainties and assumptions. These forward
looking statements are identified by their use of terms and phrases such as
"anticipate", "continue", "estimate", "expect", "may", "will", "projected",
"should", "believe" and other similar terms and phrases. By its nature, such
forward looking information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially from
those anticipated in such forward looking statements. These risks include, but
are not limited, to the risks associated with the oil and gas industry
generally, fluctuating prices in crude oil and natural gas, changes in drilling
activity, general global economic, political and business conditions, weather
conditions, regulatory changes and availability of products, qualified personnel
and manufacturing capacity and raw materials. If any of these uncertainties
materialize, or if assumptions are incorrect actual results may vary materially
from those expected. IROC relies on litigation protection for any forward
looking statements.
The Common Shares of IROC have not and will not be registered on the United
States Securities Act of 1933, as amended (the "United States Securities Act")
or any state securities laws are not offered or sold in the United States or to
any US person except in certain transactions exempt from the registration
requirements of the United States Securities Act and applicable state securities
laws.
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