CORRE CFO Interview Featured on Wallstreet Reporter
October 06 2011 - 1:12PM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") Chief
Financial Officer, Alex Gress, recently provided a business update
in an interview featured on the Wallstreet Reporter, a leading
online, market news provider. The full interview which took place
on October 3rd has been posted on CORRE's website (www.corre.com)
and can be heard via the following link labeled "Wallstreet
Reporter CEO Interview- October 2011":
http://www.corre.com/index.php?option=com_content&view=article&id=33&Itemid=34.
A written transcript will shortly be posted to CORRE's website.
Highlights of the interview include the following:
-- Through the Company's SAR-CORRE MENA ("SCM") operating partnership, the
Company's bid for the first set of SEED contracts are currently under
evaluation by the Kuwait Oil Company ("KOC"). SCM is in active dialogue
with KOC on specifics of the Company's bid for one of the contracts with
a value of approximately $90 million. CORRE continues to believe it is
in a highly competitive position with results expected over the course
of this fourth quarter.
-- The Company reiterated that it is developing other contracts and
commercial opportunities outside of the KOC SEED contracts, including
working diligently with Al-Najah Advanced Technology Co. ("NAT") to
structure a distinct line of total oil waste management services for
Saudi Arabia. NAT owns approximately 40% of CORRE and is a subsidiary of
the largest construction company in Saudi Arabia.
-- Through the execution of warrants from the Company's largest
shareholder, NAT, during this past June and recent private placements,
CORRE has raised approximately $5.5 million in new capital since the
start of 2011. Additionally, SCM posted approximately $4.6 million in
bid bonds in support of its bid for the KOC SEED contracts with the
assistance of the Company's partners. CORRE is currently well
capitalized and the volatility in the capital markets are not impacting
CORRE or delaying the Company's operations in the Middle East.
Prior to the Wallstreet Reporter interview, Upstream, a leading
international oil & gas publication, printed an article in its
September 16th weekly edition which notes that CORRE is among the
leading bidders for the initial KOC SEED contracts. This article
further serves to highlight the significant progress that CORRE has
made over the last six months. The article has been posted on
CORRE's website for further reference and can be found via the
following link:
http://www.corre.com/index.php?option=com_content&view=article&id=34&Itemid=35.
About CORRE
CORRE (www.corre.com) is a Canadian-based clean technology
company that provides innovative and complete oil waste management
and environmental solutions to its customers. 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 services through its owned and
operated Advanced Recovery Equipment Systems ("ARES") and through
strategic operating partnerships. ARES is a platform of services
and operating equipment facilities based on proven technologies and
innovative operating processes. 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).
Forward Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are 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 projected in the forward-looking
statements. Except as required by applicable securities
requirements, the Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Neither 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 the release.
Contacts: CORRE LTD. Alex Gress CFO 416-368-4027agress@corre.com
CORRE LTD. Lindsay Cross 416-368-3050lcross@corre.com KCSA
Strategic Communications Todd Fromer 212-896-1215 KCSA Strategic
Communications Phil Carlson 212-896-1233 KCSA Strategic
Communications Adam Pollack 212-896-1232Corre@kcsa.com
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