TORONTO, July 19, 2017 /CNW/ - Phoenix Canada Oil Company Limited (TSX-V:PCO) ("Phoenix" or the "Company") is pleased to announce that it has engaged Origin Merchant Partners to support the Company's plan to identify and evaluate possible acquisition targets. Management has continued, and will continue, efforts to safeguard and grow the Company's existing resources while also exploring opportunities to redeploy capital as a means to maximize the return to stakeholders.
"As we execute our strategic objectives, I believe that we can generate significant additional shareholder value through the purchase of a new operating entity," said Dr. Charlotte Moore Hepburn, interim CEO of Phoenix. "Consistent with our corporate values, we will continue to pursue value-creation responsibly, by balancing dynamic growth opportunities with durable, revenue-producing businesses. As we have always done, we will continue to maintain strict internal financial controls and will clearly communicate with both our shareholders and the broader investment community our goals and our progress."
Working together with Origin, the Business Development Committee of the Board of Directors will identify and evaluate potential acquisition targets for suitability utilizing various financial and operational criteria including: sound core business model and management team in attractive markets, positive cash flow/high visibility to positive earnings, transparent and manageable risk profile and identifiable and achievable growth prospects.
Phoenix Canada Oil Company Limited has working capital of approximately $9.2 million comprised of cash and short term investments, as at June 30, 2017. In addition, Phoenix continues to holds a long term investment in the form of a minority interest in a small, American public company as well as minority interests in mature gas fields in western Canada. The company holds no long term debt. The Company was incorporated in 1944, and is headquartered in Toronto, Canada.
About Origin Merchant Partners:
Origin Merchant Partners is a leading independent investment banking partnership delivering mergers and acquisition advisory services to clients focusing on broad range of industries including: resources; technology; industrial; financial; real estate; agri-business; and infrastructure. Origin Merchant Partners' affiliate, Origin Merchant Securities Inc, is an exempt market dealer that provides debt and equity private placement capability. For more information please visit www.originmerchant.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Phoenix Canada Oil Company Limited
For further information: Dr. Charlotte Moore Hepburn, Interim Chief Executive Officer, Phoenix Canada Oil Company Limited, (416) 368-4440, www.phoenix-canada.com, [email protected]