CALGARY, ALBERTA--(Marketwire - Oct. 12, 2011) - Cdn Oilfield Technologies & Solutions Corp. (TSX VENTURE:OTS) (the "Company") is pleased to announce that it has agreed on the terms of a full settlement and mutual release with a former senior officer relating to a claim for severance payments. As part of the settlement, the Company will issue 200,000 common shares at a deemed price of $0.15 per share to the former senior officer.
The issuance of shares under the settlement is subject to approval by the TSX Venture Exchange and the shares will be subject to a 4 month hold period in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state of the United States or any other jurisdiction outside of Canada in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Phil D'Angelo
President
(403) 543-0060
(403) 543-0069 (FAX)
phil.cots@me.com
www.cotsoilfield.com