Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

May 26, 2009 09:16 ET

Canadian Oil Recovery and Remediation Enterprises Ltd. Announces Appointment of Al-Hamdan Group as Financial and Business Development Consultant in Saudi Arabia

TORONTO, ONTARIO--(Marketwire - May 26, 2009) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") a provider of leading edge oil recovery and remediation technologies and services, announces that it has appointed Al-Hamdan Group as a financial and business development consultant for CORRE based in Saudi Arabia.

Sheikh Ahmad Al-Hamdan is the Chairman and Chief Executive Officer of Al-Hamdan Group, a Jeddah based corporate finance and consultancy firm which provides a range of financial advisory and consulting services dedicated to the needs of corporations, financial institutions and government agencies in Saudi Arabia and abroad. Sheikh Al-Hamdan is the founder and owner of Al-Hamdan Group, as well as the former Makkah Region Deputy Minister of Finance and National Economy. Al-Hamdan Group is regulated by the Financial Service Authority in Saudi Arabia.

Presently, Sheikh Al-Hamdan is the financial and administrative advisor to the Ministry of Finance, General Ports Authority, Jeddah Holding Company for Development and is a member of the Saudi Society for Accounting.

"CORRE is extremely pleased to be working with Al-Hamdan Group and specifically, Sheikh Al-Hamdan who has earned the great respect of the financial, private and government institutions of Saudi Arabia," said Mr. John Lorenzo, CORRE CEO. "Sheikh Al-Hamdan's extensive experience and successful track record will be able to assist CORRE in accessing strategic capital from this region as well as assist CORRE to develop new business opportunities in Saudi Arabia."


CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems ("ARES") program to provide five comprehensive solutions for oil recovery and soil remediation. ARES I, II and IV are commercialized technologies offering economically viable and environmentally safe sludge treatment solutions and remediation of oil contaminated sand, soil and solids. ARES III is currently being commercialized for the extraction of oil from tar sands and ARES V represents a bioremediation technology in research and development. CORRE plans to deploy ARES in the oil producing countries of the Middle East and other regions where there is substantial demand for its oil recovery and remediation services.

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.

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