02:16:03 EDT Wed 29 May 2024
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Cathedral Energy Services Ltd
Symbol CET
Shares Issued 225,277,967
Close 2023-05-12 C$ 0.71
Market Cap C$ 159,947,357
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Cathedral Energy shareholders elect seven to board

2023-05-12 07:26 ET - News Release

Mr. Tom Connors reports


All matters presented at Cathedral Energy Services Ltd.'s annual meeting of shareholders on May 11, 2023, were approved by a majority of votes cast, including the election of all seven director nominees proposed by management. A total of 153,104,186 common shares were voted in connection with the meeting, which represents 68.09 per cent of the issued and outstanding as of the record date. The vote disposition is as displayed in the attached table.

Director nominee                    For       %     Withhold      %    

Ian S. Brown                127,813,455   89.22   15,438,940  10.78
James R. (J.R.) Boyles      140,730,854   98.24    2,521,541   1.76 
Thomas (Tom) J. Connors     130,529,511   91.12   12,722,884   8.88 
Shuja Goraya                139,427,757   97.33    3,824,638   2.67 
Roderick (Rod) D. Maxwell   130,470,436   91.08   12,781,959   8.92 
Scott Sarjeant              125,794,894   87.81   17,457,501  12.19
Dale E. Tremblay            129,427,757   90.35   13,825,213   9.65 


The company is pleased with strong showing of endorsement by the company's shareholders indicating widespread support for Cathedral's board of directors, its management team and future growth strategy.

As previously announced, Cathedral has been engaged in a size and scale initiative for several years, which gained traction in 2021 under the leadership of its president and chief executive officer, Mr. Connors, who joined the company in early 2021. The completion of seven acquisitions over this two-year period is evidence of the execution of that strategy and has delivered value to the company's shareholders. Cathedral is focused on continued growth, integrating its recent acquisitions, capturing synergies, lowering leverage and enhancing shareholder returns.

The company would like to thank all of its shareholders for their continuing and future support.

About Cathedral Energy Services Ltd.

Cathedral Energy Services, based in Calgary, Alta., is incorporated under the Business Corporations Act (Alberta) and operates in the United States under Discovery Downhole Services and Altitude Energy Partners. 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. The company works in partnership with its customers to tailor its equipment and expertise to meet their specific geographical and technical needs. The company's experience, technologies and responsive personnel enable its customers to achieve higher efficiencies and lower project costs.

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