Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

November 25, 2008 19:58 ET

CORRE Announces New Directors

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2008) - CANADIAN OIL RECOVERY & REMEDIATION ENTERPRISES LTD. (the "Corporation" or "CORRE") (TSX VENTURE:CVR) is pleased to announce the appointment of Dr. Chandra Panchal and Mr. Alex Gress as directors of the Corporation. Dr. Panchal and Mr. Gress have been appointed to fill the vacancies on the board resulting from the resignations of Mr. Jean-Francois Pelland and Daniel Pharand. Messrs. Pelland and Pharand were instrumental in assisting and guiding the Corporation through its going public transaction and the board expresses its most sincere thanks to both individuals for their contributions to the Corporation.

The addition of Dr. Panchal and Mr. Gress to the board of directors of the Corporation augments an already well-established group of directors.

Dr. Panchal is an Adjunct Professor at The University of Western Ontario, where he obtained his Ph.D. in Biochemical Engineering in the area of hydrocarbon degradation as well as oil recovery from tar sands using microbial systems. Dr. Panchal was a co-founder of Procyon Biopharma Inc. (now called Ambrilia Biopharma Inc.), a publicly traded biotechnology company involved in the development of wound healing, cancer therapeutic and diagnostic products. He has served as Ambrilia's Chairman, President and Chief Executive Officer and most recently was Senior Executive Vice-President, Business Development, Licensing and Intellectual Property in charge of in-licensing new technologies and acquisition opportunities for the company. Prior to founding Procyon, Dr. Panchal was a senior scientist/group leader supervising activities related to yeast genetics, fermentations and product development at a multinational food and beverage company. Dr. Panchal is co-founder, President and Chief Executive Officer of Axcelon Biopolymers Corporation, a private R&D company focused on development of biopolymer based products including wound dressings, medical devices and non-medical biopolymer based composites. Dr. Panchal currently sits on the board of directors of two public and three private companies and was named "Entrepreneur of the Year" by the London High Technology Association in 1991. Dr. Panchal has authored over 50 scientific papers and has edited a book entitled Yeast Strain Selection, published in 1990. He is a co-inventor on several patents/patent applications relating to surfactants, fermentations, cancer therapeutics and diagnostics.

Mr. Alex Gress brings to the Corporation an extensive and highly sophisticated background in international finance and corporate fund raising with over thirteen years of top tier investment banking and public accounting experience. Mr. Gress currently serves as the President and Chief Executive Officer of Prime City One Capital Corp., which he recently joined after leaving the London, England office of Lehman Brothers. At Lehman, he was an Executive Director within the Principal Finance team where he focused on European and Emerging Market corporate and infrastructure finance transactions arising through acquisition finance or strategic refinancing opportunities. His clients have included numerous well-known corporations, private equity and infrastructure funds. Prior to that, Mr. Gress held a similar role as a Director within the Principal Finance and Structured Products Debt Capital Markets Divisions for Wachovia Securities, operating out of London, England and Charlotte, North Carolina. In this role, Mr. Gress assisted in the development of Wachovia's London based Principal Finance team. He has also been employed in similar roles with such well known and well respected firms as JPMorgan Securities (London, England) and CIBC World Markets (New York). Mr. Gress started his career within the Capital Markets Division of PricewaterhouseCoopers (New York) and is a Certified Public Accountant. He graduated Magna Cum Laude from Fordham University in New York with a BSc. in Accounting in 1995.


CORRE is a Canadian company that has exclusive licenses to use two innovative technologies and processes for oil recovery, sludge and drill cuttings treatment and remediation of oil-contaminated sites. The first technology, namely, the APEX technology, is well established. The APEX process equipment has been treating sludge in many countries including India, Romania, Mexico, Panama and Norway. The second technology, known as the OS (Oxidation Stripping) technology, separates oil from sand and other solids. The process equipment utilizing the OS technology is proprietary prototype equipment which was exclusively developed by CORRE. Management believes that the OS technology and process is best suited for unconventional oil production from oil sands.

CORRE plans to deploy its sludge and drill cuttings treatment and oil recovery process equipment in the oil producing countries of the Middle East and other regions where there is substantial demand for its oil recovery and remediation services. CORRE has already secured strategic local partnership in the Middle East and in areas of South America, and has built the process equipment and shipped it to Kuwait in preparation for its bid for projects. CORRE is now in the process of applying to pre-qualify as a service provider to the local oil companies.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, 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 Corporation 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canadian Oil Recovery & Remediation Enterprises Ltd.
    John Lorenzo
    Chief Executive Officer
    (416) 309-2521
    (416) 368-5506 (FAX)
    Canadian Oil Recovery & Remediation Enterprises Ltd.
    Wayne McKinnon
    (514) 485-8484
    (514) 485-7927 (FAX)