CE Franklin Ltd. Announces Oil Sands Initiative.CALGARY, Alberta--(BUSINESS WIRE)--Dec. 3, 1997--CE Franklin Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CFT CFT complement fixation test; see under fixation. CFT complement fixation test. ) (AMEX AMEX See: American Stock Exchange :CFK CFK Clausenengen Fotballklubb (Clausenengen Football Club; Norway) CFK Computer Forum KaHo (Computer Aiding Center) CFK Charles Foster Kane (movie, band, White Stripes lyric) ) announced today a major new initiative to take a leading role in the supply of industrial goods for the development of the Canadian oil sands. The Company has acquired all of the shares of BWM Supply and Service Ltd. ("BWM") of Fort McMurray, Alberta Fort McMurray, is a community in the Regional Municipality of Wood Buffalo, in the northeastern part of Alberta, Canada. Although it is commonly referred to and thought of as being a city, Fort McMurray is not incorporated. , a leading supplier of specialized pipe, fittings and valves used in the oil sands projects with recent annual sales in excess of $4 million Canadian. The Company also announced the opening of a new sales and service facility in Fort McMurray that will serve as the center of significant expansion. Fort McMurray is the main hub of the oil sands development projects which are expected to total $17 billion Canadian over the next 10 years. "The acquisition of BWM is an important strategic step for CE Franklin," commented John Gilbank, Chairman and Chief Executive Officer. "We have brought into our Company a successful and aggressive team of people who have a unique package of products for oil sands applications," Gilbank added. "We are bringing to that team a range of products and support structure which we believe will help them grow dramatically over the next few years." CE Franklin is Canada's leading distributor of supplies to the oil and gas drilling and production industry. Through its 41 locations across Western Canada, the Company sells pipe, valves, pumps, fittings, and maintenance supplies and provides complete customer inventory procurement and management services. The Company also manufactures specialized products for the energy industry. For more information visit their Web Site at http://www.cefranklin.com . CE Franklin's common stock trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CFT and on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol CFK. CONTACT: CE Franklin Ltd. Kelly O'Sullivan, 800/345-2858 or 403/531-5604 Jean Parker, 403/531-5603 |
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