TORONTO, April 30 /CNW/ - Canadex Resources Limited (the "Company") announced on Friday, April 27 that it has initiated a strategic review process of identifying and considering alternatives available to the Company to enhance shareholder value and has formed a Special Committee consisting of all the Company's independent directors to oversee the strategic review process. While the Special Committee has been engaged in its review for some time, it has recently engaged KPMG Corporate Finance Inc. as advisors to identify alternatives to maximize shareholder value. The review will encompass careful consideration of the Company's business plan and strategy, its future prospects, the potential sale of the Company or its businesses and any other alternative identified by the Special Committee and its advisors. The initiation of this strategic review process is not in response to any specific proposed transaction, nor can there be any assurance that it will lead to a transaction.
Canadex is listed on the Toronto Stock Exchange, (TSX-CDX). The Company owns non-operated interests in more than 400 oil and gas wells located in Texas and surrounding states, producing approximately 500 boe/d weighted more than 70% to gas production. The Company also operates a charter and school busing business based in Ontario.
April 27, 2007 Nine Months Ended March 31 (unaudited) 2007 2006 ---- ---- Revenue $ 17,795,522 $ 19,082,931 Net Profit $ 2,336,091 $ 3,181,464 Diluted Earnings per Common Share $ 0.44 $ 0.61 Cash Flow $ 7,274,956 $ 8,253,743 Cash Flow per Common Share $ 1.38 $ 1.57 Issued Common Shares 5,281,005 5,251,005