SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM 6-K
____________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2004
CE FRANKLIN LTD.
(Translation of Registrant’s Name into English)
Suite 1900, 300 5th Avenue S.W.
Calgary, Alberta, Canada T2P 3C4
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F___XXX___
Form 40-F _________
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnished the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes_________ No___XXX___
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________)
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: March 31, 2004
CE FRANKLIN LTD.
By: “signed”
Name: Denise Jones
Title: Controller
NEWS RELEASE
FOR IMMEDIATE RELEASE
CE Franklin sells its 50% interest in Brittania Industries Inc.
Calgary, Alberta, March 31, 2004 - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK)announced today that it has sold its 50% interest in Brittania Industries Inc. to its joint venture partner for proceeds of $960,000. No gain or loss on disposition resulted from the transaction. The proceeds will be used to reduce the Company’s bank operating loan.
“Brittania was not a strategic fit for CE Franklin. Its products and services provided no synergies with our core business and competencies,” said Michael West, Chairman, President and Chief Executive Officer. “This divestiture should enhance shareholder value.”
About CE Franklin
CE Franklin distributes products and related services to the Canadian oil and gas industry, including projects involving drilling and completions, production and maintenance and capital construction. In addition, we are an important provider of materials to other resource based industries. We serve our customers through our network of 37 branches across Canada – from British Columbia to Ontario – as well as internationally.
Our employees are committed to delivering on the promises we have made to our customers, partners, vendors, communities and shareholders. We promise to listen, to improve, to work in partnership, to improve economics, to generate new ideas and to create and build value.
This news release includes forward looking statements within the meaning of section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that expected results will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include economic conditions, seasonality of drilling activity, commodity prices for oil and gas, currency fluctuations and government regulations, and other risks and uncertainties as described in the Company’s 2002 Annual Report on Form 20-F as filed with the United States Securities and Exchange Commission.
For Further Information Contact:
Michael West
Sam Secreti
Chairman, President and CEO
Chief Financial Officer
403-531-5602
403-531-5603
mwest@cefranklin.com
ssecreti@cefranklin.com
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