Cypress Energy Inc. and Canadian Jorex Limited Announce Acquisition Agreement.CALGARY, Alberta--(BUSINESS WIRE)--July 9, 1996--CYPRESS ENERGY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CYZ.A) CANADIAN JOREX LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CJX CJX Central Jail Complex (Orange County Jail) ) Cypress Energy Inc. and Canadian Jorex Limited announce 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 obligation of Cypress to make the Offer is subject to certain conditions including the receipt of binding commitments for an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. by Cypress of a minimum of $7.5 Million by July 24, 1996. The proposed Offer represents a premium of 17 percent over the closing price of $0.54 per common share of Jorex on July 8, 1996. There are currently 16,142,060 common shares of Jorex issued and outstanding. 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. The Offer is proposed to be made following the satisfaction of the foregoing conditions. Its is expected that the Offer documentation will be mailed to Jorex shareholders by July 31, 1996 and the proposed Offer is expected to expire on or about August 22, 1996. The proposed Offer will be conditional upon at least 66.67 percent of the Jorex shares being deposited under the Offer and certain other conditions including obtaining all required regulatory approvals. GRIFFITHS McBURNEY & PARTNERS will be acting as lead underwriter and financial advisor of Cypress Energy Inc. and RICHARDSON GREENSHIELDS OF CANADA LIMITED will also participate in the financing as underwriter. SCOTIA CAPITAL MARKETS acted as financial advisor to Canadian Jorex Limited. This news release does not constitute an offer to sell or a solicitation of an offer to purchase in the United States of any of the securities of Jorex. -0- NOTE TO EDITORS: 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, 403/262-8225 or Canadian Jorex Limited Peter T. Kinsey, 403/266-0930 |
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