CALGARY, ALBERTA--(Marketwired - Dec. 30, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Canadian Oilfield Solutions Corp. (the "Corporation") (TSX VENTURE:OTS) announces that it has finalized a distribution agreement with Shenzhen Han's Motor S&T Co., Ltd. of China for its Electric Submersible Linear Motor (the "Motor"). The agreement appoints the Corporation as the exclusive distributor to distribute, market, sell, and supply the Motor within Canada and Mexico as well as to Petroleum Development Oman ("PDO") in Oman. The agreement has an initial term of one year and is renewable for any mutually agreed upon term. Renewals will be based on sales volumes, product performance, and market conditions.
The Motor duplicates the movement of a rod pump without the pump jack or rod string. All moving parts are contained within the motor housing, eliminating the traditional problem of wear between the rod and tubing. In horizontal wells, the Corporation believes that the Motor will provide clients with a solution to current rod wear and rod failure problems. The motor will be capable of remote monitoring and able to be adjusted for stroke and pumping speed. In addition, the motor is mechanically efficient and is anticipated to significantly reduce the operating costs over traditional pump jack installations.
Headquartered in Calgary, Alberta, Canadian Oilfield Solutions Corp. provides an array of specialized products and services that are used in the energy, mining, and industrial & agricultural water industries.
Neither the 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 this release.
This document contains information that constitutes forward-looking information under applicable securities legislation. All statements, other than those of historical fact, which address activities, events, outcomes, results or developments that the Corporation anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. In some cases, forward-looking information can be identified by terms such as "forecast", "future", "may", "expect", "anticipate", "believe", "potential", "enable", "plan", "continue", "contemplate", or other comparable terminology. In particular, this document contains statements regarding future operations of the Corporation.
Forward-looking information is based on current expectations, estimates, projections and assumptions, which the Corporation believes are reasonable but which may prove to be incorrect and therefore such forward-looking information should not be unduly relied upon. The forward-looking information in this document is based upon on various assumptions, including the assumption that the distribution agreement will be completed in accordance with its terms and according to schedule; the projects will not be unduly delayed due to weather or underground conditions at the project sites; assumptions regarding industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Corporation's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Corporation operates; and the ability of the Corporation to successfully market its products and services.
Further, there is a multitude of risks that may cause the Corporation's actual results to differ materially from those contemplated (whether expressly or by implication) in the forward-looking information in this document. These risks include, without limitation, risks of counterparties breaching contracts; construction risks; economic risks; the risk that revenues may not be received in the expected timeframe; uncertainty regarding underground conditions; financing risks; solvency risks; tax risks; and legislative and regulatory developments; customers' completion of expected work programs; fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials, and the Corporation's successful performance under contracts. Readers are cautioned that the above list of factors is not exhaustive. Other factors which could cause actual results, performance or achievements of the Corporation to differ materially from those contemplated (whether expressly or by implication) in the forward-looking statements or other forward-looking information are disclosed in the Corporation's publicly filed disclosure documents.
The Corporation is not obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Because of these risks, uncertainties and assumptions, prospective investors should not place undue reliance on these forward-looking statements. The foregoing statements expressly qualify any forward-looking information stated in this document.