CORRE Provides Business Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/27/12 -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is providing an update on the Company's operations including awarded contracts, upcoming projects and tenders, and bidding status.
Although SCM made it to the final round of one of the SEED tenders after months of active dialogue and evaluation, ensuring that SCM's oil recovery and soil washing technologies and processes have been well received and recognized, SCM's prices were not low enough for it to win this first release of SEED tenders. However, this first round of bids has provided SCM management an early opportunity to gain invaluable knowledge about the competition's pricing and bidding strategies for this first series of remediation contracts.
SCM is confident that it will have increased chances of success in the second round of SEED pits and Oil Lakes tenders expected to be released by KOC in the spring or summer of this year.
CORRE believes this first round of SEED tenders will also be an equally valuable experience for KOC in the optimization of its learning curve of understanding and testing its pre-qualified bidders technologies, processes and prices. SCM believes it offers a highly effective oil recovery and remediation technology through soil washing with a process geared for the high expected treatment volumes and after further optimization for pricing, will be highly competitive for future bidding rounds.
"This will be a very busy year in both winning and in making the right pricing adjustment in our bidding strategies to win future projects. As we can immediately identify decades of work ahead of CORRE, our specialized oil service business demands our continual focus and improvement of our chances to compete and secure projects. We have already proven earlier this year that we are capable of doing so with BP," commented John Lorenzo, CORRE's CEO and Chairman. "We are keenly focused on and excited about the opportunities that are ahead that we will capitalize on for the long-term benefit of all our shareholders. This includes expanding our line of oil services by providing customers with much needed and proven technologies to better quantify and specify the remediation scope and volumes for more precise and comprehensive tender documents."
About CORRE
CORRE () 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
CORRE LTD.
Lindsay Cross
416-368-3050
KCSA Strategic Communications
Todd Fromer / Phil Carlson
212-896-1215 / 1233
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Unternehmensinformation / Kurzprofil:
Datum: 27.02.2012 - 23:29 Uhr
Sprache: Deutsch
News-ID 119114
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Oil & Gas
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