EDMONTON, Jan. 4, 2017 /CNW/ - McCoy Global Inc. ("McCoy", "McCoy Global" or "the Corporation") (TSX:MCB) today announced that is has acquired the assets of Austin, Texas based 3PS, Inc. ("3PS" or "the Company"), a wholly owned subsidiary of Pason Systems Inc (TSX:PSI). 3PS specializes in sensors, systems and services for heavy industry applications, including Torque and Tension Sub (TTS) technology. The asset purchase, which includes the real estate of 3PS, is for total consideration of US $6.1 million, subject to any closing adjustments.
"3PS is an ideal strategic acquisition: it positions McCoy as a TTS global technology leader and contributes valuable design and engineering expertise for further development of data collection technologies," said Jim Rakievich, President and CEO of McCoy Global. "McCoy's and 3PS's complementary customer base; product and service portfolios; and skilled research and development teams will provide significant growth opportunities. 3PS has traditionally sold the majority of its products and services to customers in the United States, so this combination will increase our exposure and customer service capabilities within that robust market. Similarly, leveraging McCoy's global footprint will provide additional international sales and service opportunities in the Eastern Hemisphere. Finally, 3PS's proficiency in developing highly engineered sensor and software products will broaden the technical expertise of McCoy's product development team. We are looking forward to welcoming 3PS to our organization and working together to develop exciting growth opportunities."
3PS designs and engineers customized sensors and related systems for a variety of applications and industries including oil and gas, construction, marine, and aerospace. 3PS's oil and gas products and services include an Iron Roughneck Torque Tester (IRTT) and the TTS.
About McCoy Global
McCoy Global provides innovative products and services to the global energy industry. The Corporation operates internationally through direct sales and distributors with operations in Canada, the United States of America, the United Kingdom, Singapore and the United Arab Emirates. McCoy's corporate headquarters are located in Edmonton, Alberta, Canada.
This News Release contains forward‑looking statements and forward‑looking information (collectively referred to herein as "forward‑looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward‑looking statements. Forward‑looking information is often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "expect", "objective", "ongoing", "believe", "will", "may", "projected", "plan", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words suggesting future outcomes. This News Release contains forward‑looking statements respecting the business opportunities for the Corporation that are based on the views of management of the Corporation and current and anticipated market conditions; and the perceived benefits of the operating strategy of the Corporation are based upon the financial and operating attributes of the Corporation as at the date hereof, as well as the anticipated operating and financial results. Forward‑looking statements regarding the Corporation are based on certain key expectations and assumptions of the Corporation concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, which are subject to change based on market conditions and potential timing delays. Although management of the Corporation consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. By their very nature, forward‑looking statements involve inherent risks and uncertainties (both general and specific) that forward‑looking statements will not be achieved. Undue reliance should not be placed on forward‑looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in the forward‑looking statements, including inability to meet current and future obligations; inability to complete or effectively integrate strategic acquisitions; inability to implement the Corporation's business strategy effectively; access to capital markets; fluctuations in oil and gas prices; fluctuations in capital expenditures of the Corporation's target market; competition for, among other things, labour, capital, materials and customers; interest and currency exchange rates; technological developments; global political and economic conditions; global natural disasters or disease; and inability to attract and retain key personnel. Readers are cautioned that the foregoing list is not exhaustive. The reader is further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These judgments and estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes. The information contained in this News Release identifies additional factors that could affect the operating results and performance of the Corporation. We urge you to carefully consider those factors. The forward‑looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward‑looking statements included in this News Release are made as of the date of this News Release and the Corporation does not undertake and is not obligated to publicly update such forward‑looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
SOURCE McCoy Global Inc.
For further information: Mr. Jim Rakievich, President and Chief Executive Officer, Mr. Jacob Coonan, Senior Vice President and Chief Financial Officer, McCoy Global Inc., Phone: 1.780.453.8451, E-mail: [email protected], Website: www.mccoyglobal.com