CORRE Provides an Update on Ongoing and Future Tenders
July 02 2014 - 7:21AM
Marketwired
CORRE Provides an Update on Ongoing and Future Tenders
TORONTO, ONTARIO--(Marketwired - Jul 2, 2014) - Canadian Oil
Recovery and Remediation Enterprises Ltd. (TSX-VENTURE:CVR)
("CORRE" or the "Company") is pleased to provide an update on the
progress of its ongoing and upcoming tenders for projects involving
the treatment of sludge, soil remediation, oil recovery, and
treatment of drill cuttings. The Company would also like to shed
more light on its need to protect the bidding price for its
recently awarded drill cuttings treatment contract in Kuwait.
With the successful optimization and official approval of our
sludge treatment, soil washing, oil recovery and the most recently
validated drill cuttings' treatment technologies, SAR AS ("SAR")
and CORRE, on behalf of SAR-CORRE MENA ("SCM"), are aggressively in
the process of bidding for several new major onshore and offshore
projects in the MENA region for the treatment and processing of a
combined tonnage of over 1,700,000 tons of drill cuttings, sludge,
oil and other chemical contaminated soil broken down as
follows:
- Drill Cuttings - Approximately 450,000 tons
- Oily Sludge - Approximately 125,000 tons
- Soil Washing & Remediation - Approximately 1,150,000
tons
Having secured a high value contract in Kuwait, SAR and CORRE,
on behalf of SCM, are preparing to demonstrate the quality of their
combined technologies, operational experience, as well as project
execution efficiencies and capabilities. SCM intends to continue to
expand its footprint within the MENA region by securing yet even
higher value contracts.
The Company is now working closely with its operating partner
SAR, its major shareholders, directors and local banks to provide
sufficient project finance to fund the capital and operating
expenditures of its current drill cuttings project in Kuwait. In
due course the Company will be reporting on the progress of its
financing. "We would like our shareholders and stakeholders to know
that by protecting our drill cuttings treatment bid prices, we are
increasing our chances of winning more contracts in this very
lucrative and profitable service line. The demand for the treatment
of drill cuttings has been steadily increasing worldwide,
especially in our core area of operations, the MENA region," stated
Mr. John Lorenzo, the Company's CEO. "Furthermore, the sheer size
of both tonnage and value of the contracts we are now bidding for
demand, in addition to our relentless perseverance, our utmost
prudence and discretion in protecting the formulae of our success,
namely our proprietary technologies and processing prices."
About CORRE
CORRE is a Canadian-based oil services company which trades on
the TSX Venture Exchange under the symbol CVR. CORRE provides full
cycle oil waste management solutions to the petroleum industry.
CORRE's customers are primarily in the upstream petroleum sector
(oil production and drilling companies) and downstream petroleum
sector (oil refinery, transportation and distribution companies).
CORRE's operating lines include remediating oil-contaminated soil;
treating sludge, oil based muds and drilling waste, oil recovery;
automated oil storage tank cleaning, oil and gas engineering, and
project management. CORRE provides its advanced environmental
solutions through strategic operating partnerships with some of the
most distinguished companies throughout the world.
Forward Looking
Statements
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, forward-looking information
in this press release includes, but is not limited to, the
potential future value of the KOC Contract, estimated operating
costs and CAPEX and the potential for successfully obtaining
additional contracts via the tendering processes discussed herein.
Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. We
cannot guarantee future results, performance or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in
the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
commodity price volatility; general economic conditions in Canada,
the United States, the MENA region and globally; industry
conditions, governmental regulation, including environmental
regulation; unanticipated operating events or performance; failure
to obtain industry partner and other third party consents and
approvals, if and when required; the availability of capital on
acceptable terms; the need to obtain required approvals from
regulatory authorities; stock market volatility; competition for,
among other things, capital, skilled personnel and supplies;
changes in laws; and the other risk factors disclosed under our
profile on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as
exhaustive.
The forward-looking information contained in this news
release is expressly qualified by this cautionary statement. We
undertake no duty to update any of the forward-looking information
to conform such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Canadian Oil Recovery and Remediation Enterprises Ltd.John
LorenzoChairman & CEO(416) 368-4027Canadian Oil Recovery and
Remediation Enterprises Ltd.David FreemanCorporate Development(416)
368-4027dfreeman@corre.com
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