Cancoil Integrated Services Inc. Corrects and Replaces Previous Management Changes Announcement, BW0274, CANCOIL.Business Editors NOTE: The following news release replaces and corrects the previous Cancoil news release, which ran earlier Monday on Business Wire, BW0274 (CANCOIL) CALGARY, Alberta--(BUSINESS WIRE)--Jan. 22, 2001 Cancoil Integrated Services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. Inc. Announced Management Changes Cancoil Integrated Services Inc. ("Cancoil") (CDNX CDNX See Canadian Venture Exchange (CDNX). :CAN) announces that Mr. Arthur E. Dumont, Executive Chairman of Cancoil has accepted the additional responsibilities of President and Chief Executive Officer of the company. Mr. Dumont will also retain his role as Chairman. Mr. Mark T. Andreychuk has assumed the position of Senior Vice President Business Development and will concentrate on responding to the increasing sales demands of the company's expanding equipment fleet and development of the company's future products, services and applications in support of the company's patented coiled tubing Coiled tubing refers to metal piping, normally 1" to 2" in diameter, used for interventions in oil and gas wells, which comes spooled on a large drum. The main benefits over wireline are the ability to pump chemicals through the coil and the ability to push it into hole rather than technology. Mr. Colin Murch has accepted the position of Vice President Operations. The changes are a result of the tremendous growth Cancoil is experiencing. The company has grown from 1 to 8 Coiled Tubing units over the last 12 months and has recently placed an order for new equipment that will again double its fleet. The company has also established operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. through its subsidiary, Technicoil Integrated Services Inc. ("Technicoil"). Mr. E.A. (Andy) Rike, based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , continues in his capacity as President and Chief Executive Officer of Technicoil. The company also wishes to announce changes to its agreement to purchase the minority interest in Technicoil, as explained in the news release of September 5, 2000. Cancoil and Mr. Rike have decided to suspend the purchase by Cancoil of Mr. Rike's 25% interest in Technicoil. Cancoil is intending to issue 180,000 stock options to employees at the Friday, January 19, 2001 closing price of $1.15. Cancoil Integrated Services Inc. and its U.S. subsidiary, Technicoil Integrated Services Inc., supply drilling and service operations to the oil and gas industry in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. utilizing patented coil tubing equipment and new technology. This equipment performs underbalanced, directional and vertical drilling, coil fracturing perforating, production logging and stimulations. Cancoil Integrated Services Inc.'s common shares are listed on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) under the trading symbol Trading symbol See: Ticker symbol "CAN". The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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