Cypress Energy - Majority Shareholder of Canadian Jorex Limited Agrees to Tender to Proposed Offer by Cypress Energy Inc.CALGARY, ALBERTA--(BUSINESS WIRE)--July 10, 1996--Cypress Energy Inc. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : CYZ.A) Cypress Energy Inc. and Canadian Jorex Limited announced yesterday that they have entered into an agreement providing for an offer (the "Offer") to be made by Cypress to acquire all of the outstanding common shares of Jorex at a price of $0.63 cash per share. The Board of Directors of Jorex has approved the proposed Offer and intends to recommend that Jorex shareholders accept the Offer. Jorex has agreed to pay Cypress a fee of $0.03 per Jorex share if, among other things, another take-over proposal is made for Jorex and is completed. A major Jorex shareholder representing approximately 8,570,841 common shares or 53.1 percent of the fully diluted outstanding shares has agreed to tender its shares under the Offer. GRIFFITHS MCBURNEY & PARTNERS will be acting as lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. and financial advisor to Cypress Energy Inc. and RICHARDSON GREENSHIELDS OF CANADA LIMITED will also participate in the financing as underwriter. This news release does not constitute an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to purchase 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. of any of the securities of Jorex. -0 Neither the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. nor The Alberta Stock Exchange has approved or disapproved the information contained herein. CONTACT: Cypress Energy Inc. Donald F. Archibald President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. (403) 262-8225 |
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