(TSX-V: ILI) Effective immediately, Guy Farebrother, currently
serving as Chairman of the Board and Vice President of Operations,
will be assuming the leadership role of President & CEO to
guide the company through a corporate and management restructuring.
Guy will be stepping down as Chairman but will remain on as a
Director. Tom Milley, currently serving as a Director, will assume
the role as Chairman. Serge Bonnet, will be stepping down as
President and will assume the role of Chief Operating Officer and
will continue as a Director of the company. Going forward Serge
will focus on the sales growth and daily operations associated with
CBM, and drive new sales for the PressureTrax and SandTrax
businesses. Serge will also take on the role for Thermoflex tubing
sales in the geographical area of Gillette, Wyoming including North
and South Dakota as well as Montana and international markets,
excluding Mexico as ILI currently has representation in this area.
Ed Michielsen and John MacMillan will both continue on as
Directors.
As part of the reorganization a number of measures are being
taken to reduce costs, streamline operations, and focus on the
expansion of current projects that afford the greatest growth
potential. Current market conditions have dictated that the prudent
course of action is necessary to preserve cash. By focusing on
these redundancies management believes the company will increase
efficiencies without impacting operations or timelines. Management
remains committed to increasing shareholder value.
NEW APPOINTMENT
ILI is pleased to announce the appointment of Shamel Costandy as
Chief Financial Officer. Shamel has 17 years of business experience
including 7 years in public practice, 7 years in the pharmaceutical
industry and 3 years in the oil and gas industry. Prior to joining
ILI Technologies, he was the Financial Controller of Stem Cell
Therapeutics, a publicly traded Canadian biotech company based in
Calgary, AB for almost 4 years. His work experience throughout his
career was mainly with multinationals who are leaders in their
business including companies like BG Group (a leading UK based
player in the global energy market), Organon Nederland BV (a
leading Dutch based pharmaceutical -- now a subsidiary of
Schering-Plough) and he spent 7 years in public practice with
Deloitte. Shamel is a licensed US CPA, and a Certified Internal
Auditor.
OPERATIONS UPDATE
PRESSUREtrax(TM)
The PressureTrax is a temperature compensated, battery powered,
stand-alone recording system that can record pressure, temperature,
rate, and time simultaneously. The system operates across the
temperature range of -40C to +85C and recorded data can be
downloaded from the sensor memory and/or displayed on a remote
computer in real time. PressureTrax has been awarded CSA Class 1,
Group C & D certification for operation in an Intrinsically
Safe environment.
In a declining oil and gas market, PressureTrax will remain the
product of choice for clientele seeking to achieve significant cost
savings to their operating budgets.
SANDtrax (patented)
The SandTrax instrument is a non-intrusive measurement device
that records acoustical energy created when fluids and particles
impinge the inside wall of the pipe. The instrument then filters
the frequencies with a digital signal processor to display only the
signals created by the particles in the fluid stream. ILI is
currently working with the Alberta Research Council (ARC) to
develop a next generation sensor for our patented SandTrax
monitoring system. Currently, the company has approved the initial
prototype and is waiting on the initial run of sensors to begin
field testing. The company has also completed the initial CSA
application process for having the overall system certified for
Intrinsically Safe operation. This will allow the SandTrax to be
used in any hazardous location meeting Class 1, Groups C & D
requirements. These areas include offshore platform, production
facilities, and general worldwide acceptance for oilfield areas
that the company can't currently access.
The typical application at this time is fracturing flow back and
well cleanout applications which do not require IS certification.
In addition to the hazardous location acceptance, the new
electronics package will substantially decrease power requirements
resulting in much longer run times. In order to fully utilize this
extended run time we have increased our internal memory capacity by
16 times and our download speeds by 12 times while extending our
cable lengths from 200 feet to 2,000 feet.
CBM Pumps & Services
CBM Pumps & Services, a division of ILI operating in
Gillette, Wyoming, supplies and services a wide variety of ESP
solutions. We offer a "hands on" approach to each and every well to
ensure the ESP is running at the highest efficiency. With a wide
variety of applications, our electric submersible pumps can provide
a cost effective lift solution. Our ESP's are multistage
centrifugal pumps designed for durability and long run times. In
wells with declining reservoir pressure or even in sand producing
wells, an ESP pump can provide an economical lift method versus
traditional production methods.
CBM continues to be the foundation of ILI's revenue base and has
grown exponentially year over year and is geographically positioned
to take advantage of the expected growth in the geographic area
including North and South Dakota as well as Montana. Recent oil and
gas discoveries as well as ongoing production in these areas have
proven that our products are being highly sought after for
dewatering applications and low volume oil production.
CBM has received new orders for pump packages in Columbia. These
pumps have been built to specifications and ILI is waiting on
shipment instructions. This new business has the potential of
leading up to a multi-well program and opens new doors for the ESP
business in international markets. ILI is pleased with the progress
of the CBM division and maintains that the ESP business will
continue to be a stable revenue base for the company.
Thermoflex Pipe�
ILI has acquired the exclusive rights to distribute Thermoflex
pipe in 7 of the U.S. States, 3 of the Western Provinces in Canada,
Mexico and China. Thermoflex pipe is a revolutionary new flexible
piping system that can be applied in areas where only steel piping
could be used in the past. Thermoflex pipe uses a multi-layer
design with mixed plastics to achieve far superior performance
compared to traditional flexible pipe and is ideally suited for
high pressure, high temperature applications especially when
paraffins are present. Typical applications include gathering
lines, velocity strings and liners. No cathodic protection or
coating is required and installation costs are significantly less
than steel.
Thermoflex tubing replaces steel pipe in many oil and gas
applications. The world market for steel tubing supplied to the oil
and gas industry is estimated at over $20 billion per year. The
price of steel tubing supplied to the oil and gas industry has
soared 80% since the beginning of 2008. Over the years, attempts
have been made to replace steel pipe with fiberglass or PVC but
these attempts have often failed because the materials are usually
unable to withstand the heat and pressure requirements for down
hole applications or flow lines.
Performance Advantages
-- Thermoflex pipe has 30% reduction in pressure drop vs. steel
-- Superior Corrosion Resistance in CO2, H2S Environments
-- Resistant to Paraffin and Salt Adhesion
-- 100 times less the relative roughness of steel
-- No cathodic protection or coating required
-- Service Applications to 250F
Installation Advantages
-- 1/10th the weight of steel, long continuous runs, lower installation
costs compared to steel
-- Pig cable pull through -- capable of multiple mile runs
-- Highly Flexible, easy to handle
-- Utilizes existing installation equipment
Over Our Competitors
-- Higher temperature and pressure applications
-- Thermoflex only down hole pipe accepted for use by industry
-- Longer pipe life, rugged, proven in extreme conditions
-- Fortron lining will not corrode, is resistant to paraffins, heat
resistant to 250 degrees
-- Low permeation, can withstand hydrocarbon and sour gas environments
Thermoflex in Mexico
Over 70% of Mexico's pipeline production has been depleted as a
result of corrosive related issues. The Mexican oil investment
budget has increased to $21 billion for 2008 and there is an
immediate need for over 7,000 kms of pipe as per recent
publications in Mexico. Highest priority has been given on
upgrading oilfields and installing new pipelines and Pemex has
mandated for alternative technologies and the use of non-metallic
pipe in lieu of steel due to availability, costs and faster
installation procedures.
In the south region to date, ILI has successfully installed over
65 kms of pipe and is actively pursuing new business. In
Villaheromosa, the company recently delivered 7,000 meters of 4.5
inch Thermoflex tubing and is currently making arrangements for the
installation of that pipe.
In the north region, ILI has recently installed a high pressure
line adopting strict standards imposed by Pemex and is pleased to
say that the test was a complete success. Pemex is currently
evaluating the test results as well as the technology and is
requesting updated information to satisfy their requirements. As a
result of the timelines involving the process to meet these
requirements ILI does not expect any new orders for the remainder
of this year but remains highly optimistic about new business in
2009.
On March 30, 2007, ILI announced an order for Thermoflex tubing
business in the amount of US$9.5 million. Due to discrepancies
associated with the bidding process as it relates to Mexican
contractors and other aspects of the project to fulfill other
requirements associated with the tender, this project is being put
back on the market for re-tender. The company does not expect this
bidding process to be completed in the near future.
ILI is also awaiting approval to proceed with a test well in the
Reynosa area for down hole Thermoflex tubing that will afford the
company additional opportunities. The tubing has already delivered
to a major oil and gas service company and is expected to start
installation in the near future. Upon successful completion of the
installation, the test well will be monitored for approximately 3
to 6 months before any new orders are expected. This down hole
technology is already proven in other areas of company business and
ILI anticipates that this will evolve into a multi-well program in
the future.
To date, ILI has quoted on over $100 million dollars in
Thermoflex business, and while these quotes do not guarantee firm
orders, the company remains optimistic that the product will prove
to be a viable replacement for steel in Mexico. The company
believes there is a strong case for the Thermoflex product and is
working diligently in the pursuit of new sales in Mexico.
Thermoflex in UAE
ILI has received an order for CDN$200,000 to supply Thermoflex
pipe for a pull through pipe project in Dubai. This pipe is
currently being manufactured and is expected to be delivered in the
near future. ILI will provide on-site expertise throughout the
product installation period. This order opens doors to new
international business.
Thermoflex in China
Through ILI's exclusive agents the Thermoflex tubing product was
recently presented to China National Petroleum (CNCP) Business
Development. The company has spent much time and investment
marketing the Thermoflex tubing product throughout China and is
working closely with its agents to develop a program for sales and
distribution of our products.
Thermoflex in Canada
ILI has successfully installed Thermoflex down hole pipe in 16
wells with a major oil and gas producer resulting in reduced
paraffins and increased production. Installations continue as part
of this multi-well program.
The company has been working diligently to obtain ERCB
certification for the Thermoflex pipe for use in Canada and is
complying with the Energy Resources and Conservation Board
procedures for testing. To date, ILI has performed the following
tests in accordance with standards imposed and is close to
completion.
-- Successfully completed 1st phase 100 hr test
-- Successfully completed 2nd phase 1,000 hr test
-- Currently undergoing 10,000 hr test with ERCB
This test is expected to be complete by the 2nd week in
November
After the 10,000 hour test requirements have been completed, the
findings will be sent to the ERCB for evaluation after which time
the ERCB will notify ILI of the next step towards achieving
certification. There is no specific timeline in place for this
certification process and every product is evaluated on its own
merits.
In conclusion, ILI is gaining traction in its business divisions
and has made great progress in the past few months in advancing our
commercially accepted products. In the near term, the company will
focus its efforts on expense reduction, streamlining operations,
finance and sales growth.
About us
ILI Technologies manufactures and markets a line of products for
the international oil and gas industry. The company provides pumps,
flexible pipe and specialized measuring equipment to fulfill the
needs of the oil and gas production industry.
ILI's immediate focus is the expansion of an innovative new
flexible piping system, Thermoflex�. Through its multilayer
extrusion technology, the product combines different engineered
polymers and fibre reinforcement to create products to withstand
corrosive environments, enhance production rates and reduce the
installed costs for wells and gathering lines. Thermoflex� has
unique benefits that make it more desirable than traditional steel
pipe.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information, please contact: Guy Farebrother
President ILI Technologies (2002) Corp Phone: (403) 543-0060 Fax:
(403) 543-0069 E-mail: Email Contact Website:
http://www.ilitech.com
Imagine Lithium (TSXV:ILI)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Imagine Lithium (TSXV:ILI)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024