|By Marketwired .||
|July 14, 2014 09:22 AM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 07/14/14 -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR) ("CORRE" or the "Company") is pleased to provide an update on its 2014 operating budget for its Canadian and Dubai operations and its upcoming capital requirements.
The Company's directors have approved the 2014 operating budget of $1,602,000. CORRE'S major shareholders, directors and senior management, including Al-Najah Advanced Technology ("NAT") and the Company's Chairman and CEO John Lorenzo, have agreed to provide a total of $1,172,000, of which $669,000 has been advanced to the Company to-date. The balance of $503,000 will be advanced in three equal bi-monthly installments by NAT, under its financing commitment. The Company is currently in discussions with one other major shareholder to provide the remaining $430,000.
All the above-mentioned financings are interest-free shareholders' loans. It has been further agreed that the repayment or settlement of all the above-mentioned shareholders' loans will be reviewed in Q1 of 2015 when the Company anticipates starting to receive its share of revenue from the current drill cuttings treatment contract in Kuwait.
The Company continues to work with its operating partner, major shareholders and Kuwaiti banks to finance SAR-CORRE MENA's operating budget and capital expenditures for the current drill cuttings treatment project. The Company will provide updates as it progresses in this regard.
"The generous commitment and support of CORRE's major shareholders and directors have been greatly appreciated by management. The unsecured non-interest bearing loans which the shareholders have provided to the Company speak clearly of their continued confidence in management and the Company's success and growth." stated Mr. David Freeman, head of Corporate Development.
CORRE is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. 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, 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, the potential future value of the KOC Contract, estimated operating costs and CAPEX and the potential for successfully obtaining additional contracts via the tendering processes discussed herein. 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: commodity price volatility; general economic conditions in Canada, the United States, the MENA region 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 laws; and the other 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.
Canadian Oil Recovery and Remediation Enterprises Ltd.
Chairman & CEO
Canadian Oil Recovery and Remediation Enterprises Ltd.