CALGARY,
AB, Oct. 26, 2022 /CNW/ - Cathedral Energy
Services Ltd. (TSX: CET) ("Cathedral" or the
"Company" or "CET") is pleased to announce the appointment
of Mr. Rod Maxwell as Executive
Chair of the Company's Board of Directors effective
immediately. Mr. Maxwell has been a board member of Cathedral
since 2000 and has held numerous board committee roles with
Cathedral during that period. Mr. Maxwell has decades of
experience working in private equity, including as a founder of
StoneBridge Equity Partners, and previously worked as a partner
with KPMG Chartered Accountants in the Corporate Finance
Group. Rod also has extensive experience working with growth
companies as an investor, director, advisor and founder. Rod
is a Chartered Professional Accountant, Chartered Accountant a
member of both the Alberta and
Canadian Institute of Chartered Professional Accountants, as well
as a Chartered Business Valuator and a member of the Canadian
Institute of Chartered Business Valuators. This change in
title reflects Rod's expanded role, coinciding with the recruitment
of Tom Connors in January of 2020.
Given Mr. Maxwell's expanded role in Cathedral's ongoing
business, in order to maintain a strong corporate governance
culture, the Board of Directors plans to appoint an independent
member of the Board as Lead Director in the near future.
Tom Connors, Cathedral's
President & CEO, commented: "Prior to my joining Cathedral, Mr.
Maxwell and I had a shared vision for increased size and scale,
early in the cycle, for Cathedral and have worked collaboratively
through six acquisitions in a twelve-month period. This
announcement formalizes his critical role in the growth of the
Company to date as we continue to execute on our business
strategy."
Mr. Tom Connors will continue to
steward growth and the implementation of strategy in his leadership
role, as President & CEO, as the company pursues further size
and scale, employing a structure highly aligned with shareholder
interests.
ABOUT CATHEDRAL
Cathedral Energy Services Ltd., based in Calgary, Alberta is incorporated under the
Business Corporations Act (Alberta) and operates in the U.S. under
Cathedral Energy Services Inc. Cathedral is publicly-traded on the
Toronto Stock Exchange under the symbol "CET". Cathedral is a
trusted partner to North American energy companies requiring high
performance directional drilling services. We work in partnership
with our customers to tailor our equipment and expertise to meet
their specific geographical and technical needs. Our experience,
technologies and responsive personnel enable our customers to
achieve higher efficiencies and lower project costs. For more
information, visit www.cathedralenergyservices.com
FORWARD-LOOKING INFORMATION
This press release contains statements and information that may
constitute "forward-looking information" within the meaning of
applicable securities legislation, including statements identified
by the use of words such as "will", "expects", "positions",
"believe", "potential" and similar words, including negatives
thereof, or other similar expressions concerning matters that are
not historical facts. Forward-looking information in this news
release includes, but is not limited to, statements regarding
Cathedral's business plans and strategies for growth. Such
forward-looking information is based on various assumptions that
may prove to be incorrect, including, but not limited to,
assumptions with respect to: conditions in the oil and gas markets
and debt and equity markets generally; and the ability of the
Company to successfully implement its strategic plans and
initiatives. Although the Company believes that such
assumptions are reasonable, the Company can give no assurance that
such forward-looking statements will prove to be correct or that
any of the events anticipated by such forward-looking statements
will occur, or if any of them do so, what benefits the Company will
derive there from. Actual results could differ materially due to a
number of factors and risks including, but not limited to the
ability of management to execute and fund its business strategy,
and the impact of general economic conditions in Canada and the
United States. Additional information regarding risks and
uncertainties of the Company's business are contained under the
heading "Risk Factors" in the Company's annual information form for
the financial year ended December 31,
2021 and the Company's other public filings which are
available under the Company's profile on SEDAR at www.sedar.com.
The forward-looking information included in this news release is
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information to reflect new information, future events or otherwise,
except as required by applicable law.
SOURCE Cathedral Energy Services Ltd.