07:10 AM EDT, 06/03/2024 (MT Newswires) -- Cathedral Energy Services ( CETEF ) on Monday said it plans to change its name and that it has appointed Daniel Adams, who worked for KPMG's audit practice for 25 years, to its board of directors and audit committee, effective June 1.

The company will change its name to ACT Energy Technologies Ltd. The company's shareholders approved the name change at the annual and special meeting on May 9. Cathedral plans to formally adopt the new name in July, following receipt of regulatory approvals. Cathedral's common shares will trade on the TSX under the symbol ACX.

Cathedral's Canadian operations, currently operating as Cathedral Energy Services ( CETEF ), will also be renamed Altitude Energy Partners. The company said the rebranding under the Altitude banner will provide a seamless identity across its North American directional drilling operations.

The Altitude operations in Canada and the U.S. are the company's largest business segment. The motor rental business in the U.S. will continue to operate as Discovery Downhole Services and the engineering and MWD manufacturing division will continue to operate as Rime Downhole Technologies.

"ACT represents the combination of our predecessor company cultures, specifically Altitude, our largest operating division in the United States, and Cathedral, the name we have operated under in Canada for over 25 years," said Tom Connors, president and CEO of Cathedral. "This new name and logo reflect the transformation the company has undertaken over the past few years and signals our intention to continue to take actions to innovate through continuous improvements throughout our business."

Also at the May 9 meeting, shareholders approved the consolidation of the company's common shares on the basis of between five and 10 pre-consolidation common shares for one post-consolidation common share. The final consolidation ratio and implementation date will be determined by the board. The consolidation will be implemented concurrently with the name change and stock symbol change.