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