CORRE Provides Update on Contract Bidding in Kuwait
19 7월 2011 - 3:35AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is providing
an update on the Company's bidding progress for three soil
remediation and oil recovery projects with a total expected value
of $210 million tendered by the Kuwait Oil Company ("KOC") during
early April 2011. CORRE is bidding through its SAR-CORRE MENA
("SCM") operating partnership established with SAR AS, a leading
Norwegian oil waste management operating company.
The Company is pleased to report that, per the requirements of
the tender, it has completed its portion of the financial
arrangements with the National Bank of Kuwait to issue three bid
bonds for each of the tendered contracts for a total value of $4.5
million in equivalent Kuwaiti Dinar. SAR AS, on behalf of the SCM
operating partnership, will submit the bid bonds for the three
completed tenders for soil remediation and oil recovery projects in
Lots A, B, and C in South East Kuwait. The final submission date
was postponed from June 28th until August 2nd.
The released tenders are precursor contracts to larger soil
remediation and oil recovery contracts with aggregate values
estimated to be in excess of US$3 billion for the clean-up of the
Kuwait Oil Lakes, left as the result of the retreating Iraqi army
in 1991. As previously announced, SCM, through SAR AS, is part of a
select group of companies that have recently been pre-qualified by
the KOC as contractors approved to bid on extensive soil
remediation contracts, as well as other contracted services which
include treatment of drill cuttings and waste management, to be
released by the KOC.
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 416-368-4027
agress@corre.com CORRE LTD. Lindsay Cross 416-368-3050
lcross@corre.com www.corre.com KCSA Strategic Communications Todd
Fromer 212-896-1215 KCSA Strategic Communications Phil Carlson
212-896-1233 KCSA Strategic Communications Adam Pollack
212-896-1232 Corre@kcsa.com
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