HOUSTON, TX, Oct. 30 /CNW/ - Production Enhancement Group, Inc. ("PEG" or
the "Company") (TSX: WIS) today announced that Philip C. Crawford has resigned
his positions as a Director and as Chairman of the Board of the Company in
order to pursue other business interests in his role as Chairman/CEO of IIBEX
Holdings, Inc. ("IIBEX"), a merchant banking firm.
"I am proud of the fact that IIBEX played an early leadership role in
founding the Company and developing the business and financing plans to
commercialize the unique, patented WISE(R) coil tubing technology created and
proven by Jaime Crawford and Rusty Lamb, the founders of Production
Enhancement Technologies, LLC," said Mr. Crawford. "In under four years, we
were able to take the Company from a private startup to a well funded
enterprise with over 200 employees, over 50 units located in eight operating
districts in the US and Canada, and a pending joint venture in the Middle
East, while raising nearly US$100 million in committed capital in the
"We've attracted a very capable management team and secured the expansion
capital necessary to build a major well intervention service company," Mr.
Crawford added. "I look forward to passing the leadership of PEG to this team
so that I can focus my energies on developing new opportunities within IIBEX,
which remains the largest single shareholder of PEG, and a staunch and long
term supporter of the Company."
"We very much appreciate all that Philip has done for the Company," said
Board member Clifford McFarland. "Everyone on the Board looks forward to his
continued support and encouragement."
About Production Enhancement Group, Inc.
Production Enhancement Group, Inc., a Houston-based energy services
company incorporated in Alberta, Canada, trades on the TSX under the symbol
WIS. PEG's wholly owned subsidiary, WISE(R) Well Intervention Services, Inc.,
has developed patented WISE multifunction coiled tubing technologies and
markets a full range of coiled tubing, pressure pumping and wireline services.
WISE(R) is a registered trademark of Production Enhancement Group, Inc.
The TSX does not accept responsibility for the adequacy or accuracy of
This release and PEG's website referenced in this release may contain
forward-looking statements, including expectations of future components of
cash flow and earnings. Investors are cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of PEG. These risks
include, but are not limited to, the risks associated with the oil and gas
industry, commodity prices, and exchange rate changes. Industry related risks
could include, but are not limited to, operational risks in exploration,
development, and production, delays or changes in plans, and health and safety
risks, including, without limitation, costs and expenses. The risks outlined
above should not be construed as exhaustive. Investors are cautioned not to
place undue reliance on any forward-looking information. PEG undertakes no
obligation to update or revise any forward-looking statements.
For further information:
For further information: visit www.productionenhancement.com or contact:
Douglas Parker, Chief Financial Officer, Production Enhancement Group, Inc.,
(281) 282-1851, firstname.lastname@example.org; Ken Wetherell, Investor
Relations, Bryan Mills Iradesso, (403) 503-0144 x224, email@example.com