And it gets even better! This from the annual meeting yesterday. To further help enhance shareholder value or even a potential sale of the company to a bigger player? Consider how much they have spent over the years on R&D getting to this point. By my calculations; they have spent more than the current value of the company, so maybe they need to get bought out, in order to reflect the true value of the company or at least a good partnership deal??? Let's see what management can negotiate. I can see someone already in drilling automation like Pason Systems (PSI) perhaps having a big interest in some type of association???
McCoy has formed a Special Committee of independent members of the Board of Directors of the Corporation, comprising Mr. Ryzhikov (Chair of the Special Committee), Mr. Walker and Mr. Janssen. The mandate of the Special Committee is to, among other things, review, consider, seek out, and evaluate strategic alternatives available to McCoy to enhance shareholder value, including a potential sale of the Corporation and/or a variety of potential joint venture and partnership agreements.
In 2021, McCoy initiated the commercialization stage of a significant transition to a digital and automated future. As McCoy accelerates this transition through 2021, the Corporation expects to receive significant industry interest due to the inherent benefits of automating a legacy process. Automating tubular running services 'TRS' is expected to significantly reduce labour costs and risks associated with the TRS process. Additionally, producers will gain complete and precise well-bore integrity data to support compliance and transparency with broader environmental, social, and governance efforts. As part of its fiduciary responsibility, the Board of Directors formed this committee to provide rigorous and prompt evaluation of opportunities that present themselves.