McCOY GLOBAL ANNOUNCES RECEIPT OF SIGNIFICANT CONTRACT AWARD FOR ITS RECENTLY DEVELOPED ENHANCED SMART CASING RUNNING TOOL

EDMONTON, AB, Oct. 3, 2024 /CNW/ - McCoy Global Inc. ("McCoy," "McCoy Global" or "the Corporation") (TSX: MCB) today announced the acceptance of a contract award totaling CAD$4.3 million for several enhanced smart casing running tools (smartCRT™s) destined for the Middle East market. Delivery of the tools is expected to begin in the fourth quarter of 2024.

"Recent trends in the CRT market presented an opportunity for McCoy to challenge our Technology team to expedite the development of our enhanced smartCRT™ to meet these market requirements," said Jim Rakievich, President & CEO. "This enhanced technology is fully ready to integrate into our smarTR™ system and represents an important milestone on our journey towards automating tubular running services. Our unique, patented solution is an additional enhancement to our smart product suite, providing safe and efficient solutions in the tubular running market. We are eager to officially launch the tool at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in November of this year."

In the first quarter of 2024, National Oil Companies (NOCs) and major operators in certain key regions announced new Casing Running Tool (CRT) requirements for future contract tender awards, impacting the CRT market in these regions. While the new requirements have hampered order intake for McCoy's CRTs throughout much of 2024, McCoy's enhanced smartCRT™ will not only address the new contract requirements, but also offer an intelligent, connected enhancement to conventional casing running tools available today. This tool provides superior safety, efficiency and simplified operating procedures along with real-time data collection and analysis capabilities. This technology mitigates the risk of conventional CRT, while providing actionable insights that optimize future performance. We anticipate that new tool enhancement will provide McCoy with a competitive advantage going forward.

About McCoy Global Inc.

McCoy Global is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Corporation has offices in Canada, the United States of America, and the United Arab Emirates and operates internationally in more than 50 countries through a combination of direct sales and key distributors.

Throughout McCoy's 110-year history, it has proudly called Edmonton, Alberta, Canada its corporate headquarters. The Corporation's shares are listed on the Toronto Stock Exchange and trade under the symbol "MCB".

Forward-Looking Information

This News Release contains forward looking statements and forward looking information (collectively referred to herein as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward looking statements. Forward looking information is often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "expect", "objective", "ongoing", "believe", "will", "may", "projected", "plan", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words suggesting future outcomes. This New Release contains forward looking statements respecting the business opportunities for the Corporation that are based on the views of management of the Corporation and current and anticipated market conditions; and the perceived benefits of the growth strategy and operating strategy of the Corporation are based upon the financial and operating attributes of the Corporation as at the date hereof, as well as the anticipated operating and financial results. Forward looking statements regarding the Corporation are based on certain key expectations and assumptions of the Corporation concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, which are subject to change based on market conditions and potential timing delays. Although management of the Corporation consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. By their very nature, forward looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in the forward looking statements, including inability to meet current and future obligations; inability to complete or effectively integrate strategic acquisitions; inability to implement the Corporation's business strategy effectively; access to capital markets; fluctuations in oil and gas prices; fluctuations in capital expenditures of the Corporation's target market; competition for, among other things, labour, capital, materials and customers; interest and currency exchange rates; technological developments; global political and economic conditions; global natural disasters or disease; and inability to attract and retain key personnel. Readers are cautioned that the foregoing list is not exhaustive. The reader is further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These judgments and estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes. The information contained in this News Release identifies additional factors that could affect the operating results and performance of the Corporation. We urge you to carefully consider those factors. The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward looking statements included in this News Release are made as of the date of this New Release and the Corporation does not undertake and is not obligated to publicly update such forward looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

SOURCE McCoy Global

For further information, please contact: Mr. Jim Rakievich, President & CEO, McCoy Global Inc., E-mail: [email protected], Website: www.mccoyglobal.com