CALGARY, ALBERTA -- (Marketwired) -- 02/06/15 -- GASFRAC Energy Services Inc. ("GASFRAC or the "Corporation") (TSX: GFS) announces today that Leigh Cassidy has joined the Corporation on an advisory basis to assist the Corporation in connection with its previously announced Companies' Creditors Arrangement Act ("CCAA") proceedings and sale and investment solicitation process ("SISP Procedure"). In addition, Mr. Cassidy has been appointed as a director of the Corporation, as Chairman of the Board of Directors and as a member of the Special Committee of independent directors which has been appointed to supervise the Corporation's strategic alternative process.
Mr. Cassidy has over 25 years of experience as the Chief Financial Officer of various public companies including Compton Petroleum Corporation, Bow Valley Energy, UTS Energy Corporation, Emtech Corporation, Teramira and Household Financial. He was Chief Executive Officer of Signet Energy from 2005 to 2007. Mr. Cassidy currently is the Principal of Whitewater Inc. a private company providing financial advisory and restructuring services since 1995. His experiences prior to focusing on the petroleum industry include companies engaged in advanced material sciences, data utilities, commercial and consumer lending, credit insurance, manufacturing of industrial products, hard rock mining, pulp and paper, consumer products, and beverages. Mr. Cassidy has extensive experience in international debt and equity capital markets, corporate restructurings and insolvency. Mr. Cassidy is Certified Professional Accountant and holds the Chartered Financial Analyst designation.
In addition, the Corporation announces that Robert McBean has been appointed as the Chairman of the Health, Safety and Environment committee of the Board of Directors.
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