CALGARY, March 27, 2017 /CNW/ - MATRRIX Energy
Technologies Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX)
announces that it intends to investigate entering into the
land-based contract drilling business to complement its business of
supplying horizontal and directional drilling technologies for the
oil and gas industry in North America. There is no certainty
that the Corporation will find suitable opportunities in the
land-based contract drilling rig business that are in the best
interests of the Corporation and therefore may not proceed with
this strategic direction.
As a consequence of MATRRIX intending to investigate
opportunities in the land-based contract drilling business,
Elson McDougald, Chairman of
MATRRIX, has tendered his resignation as a director of MATRRIX
effective March 27, 2017. Mr.
McDougald is subject to a Non-Competition Agreement entered into at
the time of the sale of CanElson Drilling Inc. that restricts him
from any involvement in the land-based contract drilling rig
business until August 11, 2017.
MATRRIX expects to consider asking Mr. McDougald to rejoin the
Corporation's board of directors after August 11, 2017.
With Mr. McDougald's resignation, Thane Russel has been
appointed Chairman of MATRRIX effective April 1, 2017.
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute
forward-looking information. This information relates to future
events or the Corporation's future performance. All
information other than statements of historical fact is
forward-looking information. The use of any of the words
"anticipate", "plan", "contemplate", "continue", "estimate",
"expect", "intend", "propose", "might", "may", "will", "could",
"believe", "predict" and "forecast" are intended to identify
forward-looking information.
In particular, this press release contains forward-looking
information pertaining to the Corporation's intention to
investigate a change of strategic direction and the expectation
that Mr. McDougald will rejoin the Corporation's board of
directors.
This forward-looking information involves material assumptions
and known and unknown risks and uncertainties, certain of which are
beyond the Corporation's control. The Corporation's Annual
Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website
www.sedar.com) describe the risks, the material assumptions and
other factors that could influence actual results and which are
incorporated herein by reference. Actual results, performance
or achievements could differ material from those expressed in, or
implied by, this forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits the Corporation will derive
therefrom.
The forward-looking information contained herein is provided as
at the date hereof and the Corporation does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
Neither the 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 MATRRIX Energy Technologies Inc.