TORONTO, July 19, 2017 /CNW/ - Phoenix Canada Oil Company
Limited (TSX-V:PCO) ("Phoenix" or the "Company") is pleased to
announce that it has engaged Origin Merchant Partners to support
the Company's plan to identify and evaluate possible acquisition
targets. Management has continued, and will continue, efforts
to safeguard and grow the Company's existing resources while also
exploring opportunities to redeploy capital as a means to maximize
the return to stakeholders.
"As we execute our strategic objectives, I believe that we can
generate significant additional shareholder value through the
purchase of a new operating entity," said Dr. Charlotte Moore Hepburn, interim CEO of
Phoenix. "Consistent with our
corporate values, we will continue to pursue value-creation
responsibly, by balancing dynamic growth opportunities with
durable, revenue-producing businesses. As we have always
done, we will continue to maintain strict internal financial
controls and will clearly communicate with both our shareholders
and the broader investment community our goals and our
progress."
Working together with Origin, the Business Development Committee
of the Board of Directors will identify and evaluate potential
acquisition targets for suitability utilizing various financial and
operational criteria including: sound core business model and
management team in attractive markets, positive cash flow/high
visibility to positive earnings, transparent and manageable risk
profile and identifiable and achievable growth prospects.
About Phoenix:
Phoenix Canada Oil Company Limited has working capital of
approximately $9.2 million comprised
of cash and short term investments, as at June 30, 2017. In addition, Phoenix continues to holds a long term
investment in the form of a minority interest in a small, American
public company as well as minority interests in mature gas fields
in western Canada. The company holds no long term debt. The
Company was incorporated in 1944, and is headquartered in
Toronto, Canada.
About Origin Merchant Partners:
Origin
Merchant Partners is a leading independent investment banking
partnership delivering mergers and acquisition advisory services to
clients focusing on broad range of industries including: resources;
technology; industrial; financial; real estate; agri-business; and
infrastructure. Origin Merchant Partners' affiliate, Origin
Merchant Securities Inc, is an exempt market dealer that provides
debt and equity private placement capability. For more
information please visit www.originmerchant.com
Neither 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.
SOURCE Phoenix Canada Oil Company Limited
