TORONTO, March 16, 2021 /CNW/ - Canadian Oil
Recovery and Remediation Enterprises Ltd. (TSXV: CVR) (the
"Company" or "CORRE"). Further to the Company's
news release of December 22, 2020
whereby CORRE announced the termination of its proposed reverse
takeover transaction with Avant Imaging and Integrated Media Inc.
("AIIM"), the Company has been advised by the TSX Venture Exchange
that with the transaction being terminated and the Company's
failure to meet Tier 2 CLR requirements, CORRE will be transferred
to NEX in conjunction with its resumption to trading and the
trading symbol for the Company will change from CVR to CVR.H.
Political changes and unrest in the Gulf area and the drastic
decline in oil prices have brought the core environmental business
of the Company of treatment of oil-contaminated soil and oil
recovery to a halt. This has impaired the value of the Company's
equipment which has remained inactive and in storage in
Kuwait. The harsh weather
conditions in Kuwait have
deteriorated the equipment to an inoperable level which, in turn,
has drastically reduced their value.
Since the termination of the proposed transaction with AIIM, the
Company has continued to search for a suitable private business
partner seeking to "go public" by merging its business with the
Company. However, the COVID-19 pandemic has significantly
curtailed normal economic activity and made it difficult for the
Company to find a suitable business partner to date. The
Company will continue to explore strategic alternatives.
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. 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. Please refer to the 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.
SOURCE Canadian Oil Recovery & Remediation Enterprises
Ltd.
