McCoy Global Announces Election of Directors, Board and Committee Chairs, and Formation of Special Committee
June 02, 2021 at 07:00 am EDT
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McCoy GlobalInc. announced that (i) all directors standing for election have been elected by a majority vote, (ii) Mr. Terry Freeman has been elected Chair of the Board of Directors, and (iii) Mr. Chris Seaver has been appointed Chair of the Audit Committee, Mr. Cory Janssen has been appointed Chair of the Human Resources Compensation & Governance Committee and Mr. Alex Ryzhikov has been appointed Chair of a Special Committee. McCoy has formed a Special Committee of independent members of the Board of Directors of the Corporation, comprising Mr. Ryzhikov (Chair of the Special Committee), Mr. Walker and Mr. Janssen. The mandate of the Special Committee is to, among other things, review, consider, seek out, and evaluate strategic alternatives available to McCoy to enhance shareholder value, including a potential sale of the Corporation and/or a variety of potential joint venture and partnership agreements. In 2021, McCoy initiated the commercialization stage of a significant transition to a digital and automated future. As McCoy accelerates this transition through 2021, the Corporation expects to receive significant industry interest due to the inherent benefits of automating a legacy process. Automating tubular running services 'TRS' is expected to significantly reduce labour costs and risks associated with the TRS process. Additionally, producers will gain complete and precise well-bore integrity data to support compliance and transparency with broader environmental, social, and governance efforts. As part of its fiduciary responsibility, the Board of Directors formed this committee to provide rigorous and prompt evaluation of opportunities that present themselves. While McCoy has initiated this process, the Corporation has not set a definitive schedule to complete its review and evaluation, and no decisions in respect of any particular transactions or alternatives has been reached. There is no assurance that the evaluation of strategic alternatives will result in a sale of the Corporation or any other transaction. As a part of the Corporations' commitment to ongoing Board renewal and evolution, Mr. Carmen Loberg and Mr. Dale Tremblay announced their decisions not to stand for re-election earlier this year.
McCoy Global Inc. is a Canada-based provider of technologies and equipment designed to support tubular running operations, wellbore integrity, and assist with collecting critical data for the global energy industry. It is focused on well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. Its core products are used primarily during the well construction phase for both land and offshore wells during both oil and gas exploration and development. Its cloud-based, real time, remote data transmission infrastructure supports its ability to integrate, digitize, and automate the historically manual processes of tubular make-up through its SmartTR automated casing running system. Its product suite includes Virtual Thread Rep, SmartCRT, SmartFMS, McCoyâs Smart Tong, and McCoyâs Smart Tailing Stabbing Arm. The Company operates in Canada, the United States, and the United Arab Emirates.
MCCOY GLOBAL INC. 
