George Armoyan Announces Resignation from Board of Directors of Cordy Oilfield Services Inc.



    TORONTO, June 1 /CNW/ - George Armoyan announced today that he has
resigned from the board of directors of Cordy Oilfield Services Inc. (TSX-V:
CKK) ("Cordy") effective May 29, 2009.
    Mr. Armoyan's decision to resign was based on his growing frustration
with Cordy's governance and the lack of initiative of Cordy's board on a
number of fronts including, but not limited to, the board and senior
management's unwillingness to implement Mr. Armoyan's repeated suggestions for
cost cutting initiatives aimed at increasing shareholder value; the
unwillingness of the board to address the need to make changes to Cordy's
senior management team in light of Cordy's chronic underperformance; and the
ongoing efforts to stall a legitimate proposal by Geosam Investments Limited
to acquire shares of Cordy at a significant premium and the board's dismissal
of a legitimate third party proposal with a proposed bid price higher than
Geosam's proposed bid price.
    %SEDAR: 00011317E




For further information:

For further information: Deborah Payne, (416) 855-1920

Organization Profile

CORDY OILFIELD SERVICES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890