TORONTO, ONTARIO--(Marketwire - June 25, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE") pursuant to its press release dated June 18th, 2012 is pleased to announce that it has been successful in securing a pilot contract through Ecotecnos with Kuwait Oil Company ("KOC") to test its satellite detection service.
As announced previously, CORRE has secured the exclusive right to market a satellite detection service which generates accurate visual definition, assessment and measurement of oil lakes, sludge pits or specific oil leaks up to 150 feet underground in order to allow an in- depth analysis of clean-up project costs and to better understand the scope of the environmental damage. The main objectives of the pilot project are proving the effectiveness of the technology to KOC as well as demonstrating how the technology produces an enhanced understanding of the environmental contamination before tendering projects. A 2D image produced by Ecotecnos will allow KOC to better understand the scope and cost of tenders by better defining the work needing to be done to remediate the entire area up for bid. Tenderer and bidding parties will both know the depth and density of the contamination, whether there are foreign objects within the contamination such as land mines and the biological makeup of the ground, thus creating a more efficient tendering process for KOC.
The signed agreement has KOC assuming all costs and will involve Ecotecnos validating the technology to a depth of 1.5m. This is the first step in a process that if successful will allow CORRE and Ecotecnos to move forward with large scale contracts in the Middle East, North Africa, United States of America and Canada. The satellite detection service will provide CORRE with an auxiliary revenue stream and an additional service which can be provided in unison with its oil remediation services or on a stand-alone basis.
"I believe this will be a successful technology which has the potential to be a game changer in how KOC and other similar companies will write future tenders. In Kuwait, Ecotecnos' technology can redefine the tender evaluation process for remediating the approximate 6,000 oil pits and Kuwait oil lakes which will be up for public bid over the next decade along with other remediation opportunities in areas of the Middle East and North Africa", said John Lorenzo, CORRE's CEO and Chairman. "There is tremendously enhanced transparency through the bidding process as the technology will optimize the understanding of project scope, required equipment and optimal remediation strategy for all partners."
CORRE is a Canadian-based company which trades on the Toronto Venture Exchange under the symbol CVR and on the OTCQX®, the highest tier of the U.S. OTC market, under the symbol "CRVYF". CORRE provides full cycle oil waste management solutions to the petroleum industry. 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). 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 advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.
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.
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