Canyon Services Group Inc. (TSX:FRC) announces senior management appointment
The board of directors of Canyon Services Group Inc. (Canyon or the Company) is pleased to announce the appointment of Bradley P. D. Fedora as President of the Company. Mr. Fedora will commence his full time duties with Canyon on September 1, 2007. Mr. Fedora was previously a principal in the corporate finance group of Peters & Co. Limited, an independent, fully integrated investment firm which specializes in the
Canadian oil and natural gas and oilfield services industries. At Peters & Co., Mr. Fedora spent over nine years advising corporate clients regarding strategic, financial and capital markets matters and has extensive experience in a large number of financing, merger and acquisition transactions. Mr. Fedora holds a B.Sc. from the University of Saskatchewan and an MBA from theUniversity of British Columbia.
Dennis Weinberger, CEO of Canyon, commented that: We are delighted Brad
is joining our executive team. Canyon is at an important stage in its growth
and development, having moved from a small private company to a public company
with 170 employees serving its customers in Western Canada. Brads business
skills and capital markets experience will strongly complement the skills of
the existing management team. With its innovative proprietary technology,
strong technical team and modern equipment fleet, Canyon is well positioned
for growth and the expansion of its services over the next few years. Mr.
Weinberger will remain as CEO of the Company and as a member of the board of
directors.
In conjunction with the appointment, Mr. Fedora will subscribe for, on a
private placement basis, 280,000 common shares of the Company at a price of
$3.60 per common share for total gross proceeds of approximately $1.0 million,
subject to Toronto Stock Exchange approval. The issue price represents
approximately a 10% discount to the July 19, 2007 closing price.