MATRRIX announces its intent to investigate complementary strategic opportunities in land-based contract drilling
MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX) announces that it intends to investigate entering into the land-based contract drilling business to complement its business of supplying horizontal and directional drilling technologies for the oil and gas industry in North America. There is no certainty that the Corporation will find suitable opportunities in the land-based contract drilling rig business that are in the best interests of the Corporation and therefore may not proceed with this strategic direction.
As a consequence of MATRRIX intending to investigate opportunities in the land-based contract drilling business, Elson McDougald, Chairman of MATRRIX, has tendered his resignation as a director of MATRRIX effective March 27, 2017. Mr. McDougald is subject to a Non-Competition Agreement entered into at the time of the sale of CanElson Drilling Inc. that restricts him from any involvement in the land-based contract drilling rig business until August 11, 2017. MATRRIX expects to consider asking Mr. McDougald to rejoin the Corporation's board of directors after August 11, 2017.
With Mr. McDougald's resignation, Thane Russel has been appointed Chairman of MATRRIX effective April 1, 2017
SOURCE: MATRRIX Energy Technologies Inc.
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