Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

August 26, 2009 15:15 ET

Canadian Oil Recovery & Remediation Enterprises Ltd. Announces Management Changes

TORONTO, ONTARIO--(Marketwire - Aug. 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 management changes of CORRE and of CORRE's wholly-owned subsidiary, Mentra Life Sciences Inc. ("Mentra"). Mr. Wayne McKinnon will no longer serve as President of CORRE, nor of Mentra. In his place, Mr. John Lorenzo, the Chief Executive Officer of CORRE, will serve as President of both companies. The board of Mentra has also been reconstituted to consist of John Lorenzo, Alex Gress (a director and Senior Vice President of CORRE) and Colleen Hobson (the Chief Financial Officer of CORRE). CORRE's management and directors express their thanks to Mr. McKinnon and offer him best wishes in his future endeavors.

CORRE continues to streamline its business operations and increase overall efficiencies as it continues to ready itself for future operations and the development of strategic operating partnerships.


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.

Contact Information