Logan International Announces Changes in Executive Management
CALGARY, ALBERTA--(Marketwire - Oct. 29, 2012) - Logan International Inc. (TSX:LII) ("Logan International" or the "Company"), today announced the following changes in its executive management. Effective December 1, 2012, David Barr will resign as Logan International's President and Chief Executive Officer. Mr. Barr will remain a director and, in addition, will assist in the transition and with certain other assignments. Gerald Hage, the current Chairman of the Board of Directors and former President and Chief Executive Officer, has been appointed to replace Mr. Barr. Paul McDermott, a current director of Logan International and Managing Director of Cadent Energy Partners, which is an affiliate of a significant shareholder of Logan International, has been appointed Chairman of the Board of Directors. The changes are effective December 1, 2012.
Mr. McDermott stated, "We are grateful to Mr. Barr for his commitment and his contribution to the Company's success as well as for his continued involvement. We are pleased that Mr. Hage has decided to re-join the Company as President and Chief Executive Officer. I believe Mr. Hage's history with Logan International and his understanding of the organization and its operations will support a continuation of the Company's growth and strategy."
Logan International manufactures and sells a comprehensive line of fishing and intervention tools, including retrieving, surface, stroking and remedial tools for a variety of well workover, intervention, drilling, and completion activities (Logan Oil Tools, Inc.); manufactures and sells high-performance poly-crystalline diamond compact (PDC) cutters and bearings (Dennis Tool Company); manufactures and sells packers, bridge plugs, and other completion products (Kline Oilfield Equipment, Inc.); provides proprietary multi-zonal completion technology and conventional completion production products and services (Logan Completion Systems Inc.); provides proprietary and patented products and services that are focused on production optimization in sand-laden heavy oil wells (Scope Production Development); and provides proprietary tools that enhance the effectiveness of horizontal drilling (Xtend Energy Services). Common shares of Logan International are traded on the Toronto Stock Exchange (TSX) under the ticker symbol "LII".
This press release contains forward-looking statements. These statements relate to future events or future performance of Logan International. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan International's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan International believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because there can be no assurance that they will prove to be correct. Many factors could cause Logan International's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan International's Annual Information Form filed on www.sedar.com which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan International does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.
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Logan International Inc.
Chief Financial Officer