Business
McCoy Corporation divests non-core Mobile Solutions segment
EDMONTON , June 17, 2014 /CNW/ - McCoy Corporation ("McCoy", "McCoy Global" or "the Co...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\nEDMONTON, June 17, 2014 /CNW/ - McCoy Corporation (\"McCoy\", \"McCoy Global\" or \"the Corporation\") (TSX:MCB; OTCQX:MCCRF),\n a provider of innovative products and services for the global energy\n industry, today announced that it has sold its Mobile Solutions\n business for approximately CAD$14.75 million.\n\n\n\"The sale of the Mobile Solutions business is a major step towards\n becoming a pure play developer and provider of advanced tubular\n products and technologies,\" said Jim Rakievich, President and CEO of\n McCoy. \"This divestiture enables McCoy to focus on our international\n expansion strategy which will optimize global customer service and\n support throughout the entire equipment lifecycle. The proceeds of this\n sale further strengthen our balance sheet, which will support the\n development of our \"we\" product line as well as fund potential\n strategic acquisitions.\"\n\n\nUnder the terms of the Share Purchase Agreement, McCoy sold 100 percent\n of the issued and outstanding shares of its wholly-owned subsidiary,\n Peerless Limited, to Manac Inc. (TSX:MA), a Montreal-based truck\n trailer manufacturer.\n\n\nAbout McCoy\n\n\nMcCoy provides innovative products and services to the global energy\n industry. McCoy Global operates internationally through direct sales\n and distributors with its operations based out of Western Canada, the\n U.S. Gulf Coast, Europe and Asia-Pacific. McCoy Global's corporate\n office is located in Edmonton, Alberta, Canada with offices in Alberta,\n Louisiana, Texas, Aberdeen, Singapore and Luxembourg.\n\n\nForward-Looking Information\n\n\nThis News Release contains forward-looking statements and\n forward-looking information within the meaning of applicable securities\n laws. The use of any of the words \"expect\", \"anticipate\", \"continue\",\n \"estimate\", \"objective\", \"ongoing\", \"may\", \"will\", \"project\", \"should\",\n \"believe\", \"plans\", \"intends\" and similar expressions are intended to\n identify forward-looking information or statements. More particularly\n and without limitation, this News Release contains forward-looking\n statements and information concerning McCoy Global's future financial\n performance. The forward-looking statements and information are based\n on certain key expectations and assumptions made by McCoy Global,\n including expectations...