Mccoy Global Inc. press release
McCoy Global Inc. Divests Coatings and Hydraulics Business
TSX - Toronto Stock Exchange · Canada
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EDMONTON, Sept. 16, 2014/CNW/ - McCoy GlobalInc.("McCoy" or "the Company") (TSX:MCB; OTCQX:MCCRF), a supplier of innovative products and services for the global energy industry, today announced that it has sold its Coatings and Hydraulics business, located in Edmonton, Alberta, for approximately CAD$9.3 million. The Coatings and Hydraulics business was placed into McCoy'sdiscontinued operations during the fourth quarter of 2013.
"With the divestiture of the Coatings and Hydraulics division, McCoyhas achieved the goal of becoming a pure play developer and provider of advanced tubular products and services, which is especially meaningful as we celebrate our 100thanniversary this year," said Jim Rakievich, President and CEO.
Under the terms of a share purchase agreement dated September 15, 2014, McCoysold 100 percent of the issued and outstanding shares of its wholly-owned subsidiary, Inotec Coating and Hydraulics Inc., to Corrosion and Abrasion Solutions Ltd. ("CASL").
About McCoy
McCoyprovides innovative products and services to the global energy industry, and operates internationally through direct sales and distributors with its operations based out of Western Canada, the U.S. Gulf Coast, Europeand Asia-Pacific. McCoy'scorporate office is located in Edmonton, Alberta, Canadawith offices in Alberta, Louisiana, Texas, Aberdeen, Singaporeand Luxembourg.
About CASL
CASL is focused on protecting the world's energy, mining and industrial infrastructure from wear caused by corrosion and abrasion through prevention and monitoring, surface improvement and innovative product and service development. The business is focused on building the industry leading corrosion solutions provider by attracting the best possible people, being progressive and innovative in solving problems and working with suppliers to develop solutions. CASL currently operates under Unimin Canada Inc., Fuller Western, Christie Corrosion Control 1983 Ltd., Master Blasters and EnerClear Services Inc. Terry Freeman, a director of McCoy, is the CEO of CASL and has an equity investment in CASL.
Forward-Looking Information
_This News Release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this News Release contains forward-looking statements and information concerning McCoy'sfuture financial performance. The forward-looking statements and information are based on certain key expectations and assumptions made by McCoy, including expectations and assumptions concerning fluctuations in the level of oil and gas industry capital expenditures, McCoy'sability to integrate acquired businesses and complete strategic acquisitions of additional businesses and other factors that affect demand for McCoy'sproducts. Although McCoybelieves that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because McCoycan give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause McCoy'sactual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, fluctuations in oil and gas prices, fluctuations in the level of oil and gas industry capital expenditures and other factors that affect demand for McCoy'sproducts, industry competition, the need to effectively integrate acquired businesses, uncertainties as to McCoy'sability to implement its business strategy effectively, labour, equipment and material costs, access to capital markets, interest and McCoy'sability to attract and retain key personnel. Additional information on these and other factors is available in continuous disclosure materials filed by McCoywith Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this News Release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. McCoy Global undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law._
SOURCE McCoy Global
Mr. Peter Watson McCoy Global Inc. General Counsel and Corporate Secretary
Phone: (832) 303-7410 E-mail:info@mccoyglobal.com Website:www.mccoyglobal.com
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