NISKU, AB, Sept. 12, 2014 /CNW/ - Hyduke Energy Services Inc. (HYD - TSX), announces the signing of a letter of intent that contemplates the share sale of Hyduke Machining Solutions Inc., a company owned 100% by Hyduke Energy Services Inc., to an undisclosed buyer. The transaction is anticipated to generate a gain of approximately $1.5 million with the net proceeds being used to fund working capital and future capital expansions. The transaction, which is subject to standard due diligence by the acquirer, is expected to close in late 2014.
EDMONTON - Gordon McCormack looks like a guy who has just taken his first breath of fresh air in six months. And in a sense, he has.
The affable CEO of Nisku-based Hyduke Energy has been more than a little preoccupied since June. That’s when Saskatchewan’s Do All Industries launched a surprise $34 million takeover bid for Hyduke, a small but fast-growing manufacturer of drilling rigs and other oilfield equipment.