CALGARY, ALBERTA--(Marketwire - Oct. 2, 2012) - Cdn Oilfield Technologies & Solutions Corp. (TSX VENTURE:OTS) -
The corporation is pleased to provide an operational update for its business operations in Mexico and the USA.
Extreme Pump Solutions, Gillette USA
The corporation has been restructuring operations in Gillette with focus on expansion and diversification. Additional people have been hired to grow sales and market new products. COTS is in discussions with an established supplier to form a strategic relationship that will allow greater traction in the expansion of its business operations. Further updates will be provided once finalized.
Short Term Construction Projects, Mexico
Ten active construction projects are currently in progress each having been authorized by Schlumberger. These projects are known as: Terra Extraordinary Works, Terra Extension, Terra 11, Terra 21, Pijije 32-A, Pijije 32-B, Paredon 501, Cardenas 627, Bricol 103 and Tecominoacan 846. Equipment and personnel have been deployed with projects ranging from 15 to 60 days in length. Under a 50-50 joint venture agreement between the construction partner and COTS Mexico, funding for the projects have been advanced in return for equal profit sharing after expenses.
Flexible Pipe Projects, Mexico
Three active flexible pipe projects are currently in progress and being installed. Two of these projects have been prepaid with the third project being paid in progress payments as per a direct assignment agreement with Pemex. The projects are located in the North and South Regions of Mexico totaling approximately 25 km in length.
Other Business - Mexico
Further to the announcement dated September 25, 2012 in conjunction with its joint venture partners, COTS is pleased to be a part of an ongoing evaluation process which involves a detailed planning analysis for the recently awarded oil field in the Southern Region. Various studies are underway with a detailed budgeting analysis being considered for the maintenance and new development. Agreements are being negotiated between the parties and further updates will be provided when available.
Phil D'Angelo states "These are exciting times for the company with so many projects on the go in Mexico. The door is open paving the way for much larger projects that will generate additional revenues creating good value for investors. The corporation has experienced rapid growth over the last year, up 365 percent in revenue to date over last year. We anticipate continued growth as a result of our past performance and proven successes. In addition to Mexico focus is being given to strengthen operations in our US division with emphasis on increasing sales, territory expansion and diversification".
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. In particular, forward-looking information in this press release includes, but is not limited to, anticipated sales of the company and completion of installation projects . 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. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and Mexico and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other industry and geographic specific risk factors. Investors are cautioned that this list of risk factors should not be construed as exhaustive.
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