CORRE Provides Update on Kuwait Operations
14 May 2011 - 8:32AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is pleased
to provide an update on the Company's current business developments
in Kuwait. As previously reported by CORRE on April 11th, the
Kuwait Oil Company ("KOC") issued three tenders with a total
expected value of US $210 million to perform clean-up services,
which include remediation of oil-contaminated soil and oil
recovery, relating to environmental damage in oil fields located in
the Southeast of Kuwait. Through the Company's SAR-CORRE MENA Ltd.
("SCM") operating partnership with SAR AS, a leading
Norwegian-based oil waste management company, the Company was part
of a select group of invited bidders. Since the launch of these
tenders, the Company has been actively preparing its bids through
SCM, including recently being part of a limited group participating
at the on-site pre-tender meetings and site evaluations in Kuwait
during the week of May 2nd. To maximize these tender opportunities
for CORRE and leverage SCM's preparation for these extensive
tenders, SCM is not only preparing to be a direct bidder, but is
currently evaluating several additional subcontracting
opportunities as part of pre-arranged bidding consortiums. The
closing date of the three tenders is currently June 14th, 2011.
The Company also reports the continuation of its previously
announced unit offering at $0.38 per unit. Each unit consists of
one common share in the capital of the Company and one-half of one
common share purchase warrant. Each whole warrant entitles the
holder to acquire one additional common share at a price of $0.625
for a period of two years from closing. The Company will be
announcing one or more subsequent tranche closings. For further
details concerning the unit offering please see the Company's press
releases dated April 8 and February 8, 2011.
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: Canadian Oil Recovery and Remediation Enterprises Ltd.
Alex Gress CFO, Senior V-P & Director (416) 368-4027
agress@corre.com Canadian Oil Recovery and Remediation Enterprises
Ltd. Lindsay Cross (416) 368-4027 lcross@corre.com
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