CORRE Appoints BDO Canada LLP as Auditor
21 December 2011 - 5:04AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to
report that effective December 15, 2011 the Company has changed its
auditor from McGovern, Hurley, Cunningham, LLP to BDO Canada LLP
("BDO"). CORRE's audit committee and board of directors have
approved the change in auditor.
"Over the past year, CORRE has advanced from optimizing its
full-scale soil remediation and oil recovery ARES I pilot program
in Kuwait to now actively bidding for large scale remediation
contracts and developing the platform for other oil service
operations in Saudi Arabia with our largest shareholder. We are
confident with our top tier operating partnership with Norway-based
SAR AS. We look forward to working with BDO, which we believe has
the necessary depth and experience for the anticipated execution of
our international oil service operations and more specifically so
in our dealings with mega-national oil companies in the Arabian
Gulf region," commented John Lorenzo, CORRE's Chief Executive
Officer and Chairman of the Board.
There were no reservations in the former auditor's reports in
connection with the two most recently completed fiscal years or for
any period subsequent to the most recently completed period for
which an audit report was issued. There were also no reportable
events between CORRE and the former auditor or the successor
auditor including disagreements, unresolved issues or consultations
as defined in National Instrument 51-102, continuous
disclosure.
All procedures have been properly followed under NI 51-102
regarding the change of auditor and, as required, a notice of
change of auditor together with the required letters from the
former auditor and the successor auditor are filed via SEDAR with
each securities commission in each province or territory in Canada
in which CORRE is a reporting issuer.
CORRE would like to thank McGovern, Hurley, Cunningham, LLP for
their professional contribution during its engagement.
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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