Shares Outstanding 20,685,959
CALGARY, April 26 /CNW/ - Global Energy Services Ltd. ("Global") is pleased to announce that it has entered into an arm's
length asset purchase agreement with Stellarton Technologies Inc.
("Stellarton") for the acquisition of the business and assets of
Stellarton. Global agreed that it will pay consideration of $1,500,000
to be satisfied by the issuance of 9,000,900 Global common shares. The
business assets include optimization equipment, patents, copyrights,
trademarks and machine shop equipment.
The acquisition is subject to the completion of customary closing
conditions including the receipt of all regulatory and TSX Venture
Exchange (the "Exchange") approval. The acquisition has received
approval of the Board of Directors of both Global and Stellarton.
The Company is pleased to announce that Mr. R.D. (Bob) Steele, P ENG, a
member of the Stellarton Technologies Inc. board, a private businessman
and board member of a number of other energy and investing entities has
agreed to join the Global board, subject to normal Exchange approval.
Global Energy Services Ltd. is an innovative oilfield service company
that provides production services and communications solutions to the
oil and gas industry. The production services segment utilizes its
patented Activator Hydraulic Submersible Pump ("HSP") to enhance and
increase ultimate production in both conventional and unconventional
gas, oil, and CBM wells. Global was founded in 1994 and is listed on
Stellarton Technologies is an innovator of advanced oilfield production
technologies backed by a strong team of design, manufacturing and
technical engineers and technologists. Stellarton's suite of products
are designed to optimize oil and gas fields at any stage of their
economic life cycle - particularly fields suffering production decline
due to liquid loading.
More information about Global Energy Services can be found at http://www.global-energy.ca
This News Release contains forward-looking statements subject to various
risk factors and uncertainties, which may cause the actual results,
performances or achievements of Global to be materially different from
any future results, performances or achievements expressed or implied
by such forward-looking statements. Such factors include, but are not
limited to, fluctuations in the markets for oil & gas and related
products and services, political and economic conditions, the demand
for the products and services provided by Global, industry competition
and Global's ability to attract and retain both customers and key
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release
SOURCE Global Energy Services Ltd.
For further information:
Derek M. Begin, President and Chief Executive Officer.
Global Energy Services Ltd.
#10, 1220 -59th. Ave. SE
Calgary, Alberta T2H 2M4
Tel: (403) 243-0820
Fax: (403) 243-3425
Web site at: www.global-energy.ca
Eric Laing, President Stellarton Technologies Inc.
Suite 101, 17620-103rd. Ave.
Edmonton, Alberta T5S 1J9
Tel: 780 481 4234
Fax: 780 481 4586
Web site at: www.stellartontech.com