Toronto, Ontario, October 6, 2011- Canadian Oil Recovery and Remediation
Enterprises Ltd. (TSX-V: 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
416-368-4027
agress@corre.com
Lindsay Cross
416-368-3050
lcross@corre.com
KCSA Strategic Communications
Todd Fromer / Phil Carlson / Adam Pollack
212-896-1215 / 1233 / 1232
Corre@kcsa.com