CALGARY, ALBERTA, May 29, 2007 -- EcoMax Energy Services Ltd. (TSX VENTURE:EES) ("EcoMax") (www.ecomax.ca) announces that it has rescinded the previously announced cancellation of 1.1 million share options which were granted to directors in June 2006. Board members determined that the cancellation would have a detrimental impact on the Company's financial results due to the accounting treatment required for such cancellation, which would have had the Company record stock-based compensation expense of $242,000 in the first quarter of 2007, compared to the $55,000 that would be recorded as an expense if the options were not cancelled. As a result of this information, several of the directors came to the conclusion that their stock option cancellations were not in the best interests of the Company and have therefore not executed agreements that would be required to effect the cancellation.
The Company believes that necessary options will be available through the expiry or exercise of options granted to directors that did not stand for re-election at the Company's Annual General Meeting. The availability of these options is required in order to place the Company in a better position to attract personnel that will help it grow.
About EcoMax Energy Services Ltd.:
EcoMax Energy Services Ltd. is an oilfield services company whose product offering includes BOP and valve sales and service solutions to the oil and gas and other industries in Western Canada and the patented EcoMax Chemical Pump.
SOURCE: EcoMax Energy Services Ltd.
Corporate Inquiries:
EcoMax Energy Services Ltd.
Mark Hopkins
Email: mhopkins@ecomax.ca
Investor Relations:
AGORACOM Investor Relations
Email: ees@Agoracom.com
Website: www.agoracom.com/IR/ecomax
