April 23, 2010 16:35 ET

CCR Technologies Provides Corporate Update

CALGARY, ALBERTA--(Marketwire - April 23, 2010) - CCR Technologies Ltd. (CNSX:CRL) (the "Corporation"), a leading chemical purification technology solutions and service provider, herein provides a general corporate update.

The board of directors of the Corporation have appointed a special independent committee of the board of directors to examine strategic alternatives to enhance shareholder value, including but without limitation, seeking new or renegotiating the terms of existing joint ventures, licensing or selling all or a portion or all of the assets of the Corporation to a third party or to the existing secured creditors of the Corporation in order to reduce outstanding secured indebtedness, or merger with or the selling the Corporation to a larger, better financed entity.

The Corporation has also determined that it will not be able to file its audited annual financial statements for the financial year ended December 31, 2009, related management's discussion and analysis and CEO and CFO certificates (collectively, the "Financial Statements") by the filing deadline of April 30, 2010 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations.

Further to a news release of the Corporation, dated September 10, 2010, the Corporation entered into an overseas joint venture ("Joint Venture") with a privately owned third party for the expansion of services and capital projects utilizing the Corporation's proven proprietary and patented technologies for the reclamation of process chemicals in certain countries in the Middle East and in all of Africa (the "Territory"). 

The Corporation has experienced difficulties in securing on a timely basis appropriate, accurate and complete statements and reports in respect of its Joint Venture operations in the Territory. In anticipation of the annual audit process for the financial year ending December 31, 2009, there have been ongoing discussions to secure appropriate, accurate and complete statements and reports in respect of the Joint Venture operations which are necessary to enable a proper audit of the Corporation's financial statements. Despite the Corporation's efforts and assurances from the privately owned third party and personnel in the Territory that the appropriate documentation would be forthcoming, financial information from the Joint Venture operations remain outstanding to date.

The absence of appropriate documentation from the Joint Venture operations is preventing the Corporation from completing its financial statements and audit process. While the Corporation intends to continue its efforts to secure acceptable documentation as soon as possible, it now appears that acceptable documentation may not be received in sufficient time to permit the completion of the Corporation's audited financial statements prior to the filing deadline.

In view of the foregoing, the Corporation had made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"), however, this application has been denied on the basis that the Corporation fails to have a liquid market for its common shares. In view of the foregoing it is possible that applicable regulatory authorities may issue a cease trade order against the securities of the Corporation and the Corporation for failure to file the appropriate financial information within the prescribed time period.

Peter D. Graham, the current Chief Executive Officer, has also been appointed as interim Chief Financial Officer of the Corporation, replacing Mark Suchma who had previously resigned to pursue other business interests.

The Corporation has successfully concluded negotiations to provide solvent reclaiming for a significant natural gas producer in Algeria. One of the existing mobile reclaiming units in North America is expected to be deployed to the project in the second quarter this year with start up operations expected in the third quarter. 

CCR Technologies Ltd. purifies process chemicals and sweetens sour natural gas through the use of proprietary patented separation technologies. The Corporation provides environmental and economic benefits to the upstream and downstream oil and gas industries, and is also pursuing new separation business opportunities in other industries and international markets.

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

Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning possible future operations or strategic alternative transactions, the ability of the Corporation to obtain accurate and complete information in order to complete and file audited financial statements within the prescribed time and the possibility of the securities of the Corporation being cease traded and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks include the inability of the Corporation to identify and complete a strategic alternative transaction or to obtain accurate and complete information, or if such information is obtained, having the resources and time to complete and file audited financial statements within the prescribed time. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

Contact Information

  • CCR Technologies Ltd.
    Peter D. Graham
    President, Chief Executive Officer and
    Chief Financial Officer
    (403) 543-6699