May 15, 2006 09:00 ET

CCR Technologies Ltd. Reports Improved First Quarter Results and Anticipates Improved Chemical Reclaiming Activity

CALGARY, ALBERTA--(CCNMatthews - May 15, 2006) - CCR Technologies Ltd. (TSX:CRL) (the "Corporation") (, a leading chemical purification technology solutions and service provider, today announced financial results for the quarter ended March 31, 2006.

For the three months ended March 31, 2006, the Corporation reported revenue of $2,331,000 resulting in a net loss of $640,000 as compared to revenue of
$1,070,000, which resulted in a net loss of $1,280,000 for the same period in 2005, and revenue of $1,821,000 and a net loss of $1,916,000 in the fourth quarter of 2005.

Oleh Hnatiuk, the Corporation's CEO, commented that "First quarter revenue was higher than that of any quarter during 2005. This reflected an upturn in Chemical Reclaiming activity, as work on the previously announced Gorgon project commenced, work on another Flow Assurance project continued and Reclaiming started to rebound from the lows of the previous quarter. As a result of the increased business activity, the quarterly loss was also substantially reduced from the prior period.

CCR has been awarded a contract which will for the first time in its history send mobile reclaiming units overseas. The contract with a major energy company in Egypt anticipates two mobile units for a multi month campaign which, subject to certain performance criteria, is anticipated to positively impact the Corporation's Chemical Reclaiming revenue during 2006.

The Corporation plans to file on SEDAR at quarterly financial information for the first quarter of 2006, and for the restated 2005 quarters referred to in the Corporation's April 4, 2006 press release, on May 15, 2006.

CCR Technologies is a technology solutions company focused on the purification of process chemicals and sweetening of sour gas through the use of proprietary patented technologies. The Corporation provides economic and environmental benefits to the upstream and downstream oil and gas industries, and is also pursuing new business opportunities in the petrochemical and international chemical purification markets.

Shares of CCR Technologies Ltd. trade on the Toronto Stock Exchange under the symbol "CRL".

The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond CCR's control, including: the impact of general economic conditions in Canada and in countries in which CCR and its subsidiaries currently do business, industry conditions, increased competition, the lack of available qualified personnel or management, equipment failures, fluctuations in product prices and in foreign exchange or interest rates and stock market volatility. CCR's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits CCR will derive there from.

Contact Information

  • CCR Technologies Ltd.
    Oleh Hnatiuk
    President and Chief Executive Officer
    (403) 543-6699
    CCR Technologies Ltd.
    Peter Kinash
    Vice President and Chief Financial Officer
    (403) 543-6699