MERGERS-ACQUISITIONS / DELANEY ENERGY SERVICES CORPORATION
("Delaney") Announces Completion of Amalgamation
ASE SYMBOL: DLY
JANUARY 5, 1999
CALGARY, ALBERTA--At the Annual and Special Meeting of
shareholders of Potential Technologies Inc. ("the Corporation")
held on October 13, 1998, shareholders voted to approve the
acquisition of all the issued and outstanding Class A shares of
Delaney Energy Services Corp. ("DESC"), pursuant to a securities
exchange takeover bid. Approval was also obtained to change the
corporate name of the Corporation to Delaney Energy Services Inc.,
and for the consolidation of its common shares on a three-for-one
basis.
On December 24, 1998, The Alberta Stock Exchange issued its
Bulletin confirming the completion of the Corporation's Major
Transaction. All of the Class A shareholders of DESC have
tendered their shares under the offer to purchase and the
Corporation now has 11,294,117 common shares issued and
outstanding. Effective January 1, 1999, the Corporation and DESC
amalgamated under the name of Delaney Energy Services Corporation.
The common shares of Delaney trade under the symbol "DLY".
Delaney Energy Services Corporation is an integrated service
company serving the western Canadian oil and gas industry. The
Corporation provides its services through three divisions: Chadco
Canada Ltd., manufacturer of wellsite process facilities;
Production Testing Division, provider of production testing from
its offices in Grande Prairie and Calgary; and Elite Petroleum
Consulting, provider of pressure transient analysis and testing
supervision services.
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