Logan International Inc. Announces All-Cash Sale to Rubicon Oilfield International

CALGARY, ALBERTA--(Marketwired - Aug. 28, 2016) - Logan International Inc. (LOGAN) (TSX:LII) today announced that it has entered into a definitive agreement (the "Arrangement Agreement") with a wholly-owned subsidiary ("Rubicon") of Rubicon Oilfield International Holdings, L.P., pursuant to which Rubicon will acquire all of the outstanding common shares of Logan for CDN$1.49 per share (the "Transaction"). The combination of the two companies will create a global oilfield products and equipment company with the potential for growth across its product lines.

Additionally, the terms of the Arrangement Agreement provide that Logan and its subsidiaries may continue with their efforts to sell all of the equity of, or all or substantially all of the assets of, one or both of two of Logan's subsidiaries, Logan Completion Systems Inc. and Logan SuperAbrasives Inc., on the terms set forth in the Arrangement Agreement (the "Subsidiary Sales"). Provided that the Subsidiary Sales are completed at least two business days prior to the special meeting of Logan's common shareholders that will be held to approve this Transaction, an amount in cash equal to (i) any net proceeds on an after-tax basis (calculated in accordance with the terms of the Arrangement Agreement) received by Logan or the applicable subsidiary from the Subsidiary Sales, divided by (ii) the number of issued and outstanding common shares of Logan on the date that is two business days prior to the closing of the Transaction (the "Additional Consideration"), will be added to the CDN$1.49 paid per share.

The CDN$1.49 price per share payable under the Transaction before factoring in any Additional Consideration payable in connection with the Subsidiary Sales represents an 86% premium over Logan's share closing price on the Toronto Stock Exchange on August 26, 2016, the last trading day before the announcement of the Transaction.

Recommendation of the Logan Board of Directors

Following an extensive review and analysis of the Transaction and other available alternatives, the Logan Board of Directors has unanimously, after receiving legal and financial advice, determined that the Transaction is in the best interests of Logan and fair to Logan's common shareholders and recommends that Logan's common shareholders vote in favour of the Transaction at a special meeting of Logan's common shareholders to be held on or about October 20 , 2016. In addition, all of the directors and officers of Logan, who own in aggregate approximately 2.6% of the outstanding Logan common shares, and Cadent Logan, S.à.r.l., who owns approximately 52.4% of the outstanding Logan common shares, have signed agreements to vote their shares in favour of the Transaction and otherwise support the Transaction.