April 03, 2006 20:26 ET

CCR Technologies Ltd. Announces Amended Debenture Terms

CALGARY, ALBERTA--(CCNMatthews - April 3, 2006) - CCR Technologies Ltd.(the "Corporation") (TSX:CRL) (, a leading chemical purification technology solutions and service provider, today announced amendments made to the terms of its convertible secured Debentures in the principal amount of $5,000,000.

Pursuant to a second amending agreement dated, April 3, 2006 the Debenture terms were amended to waive the EBITDA coverage covenant for the five fiscal quarters ending December 31, 2006. Wanda Dorosz, CEO of Quorum, the Debenture holder, stated, "we believe in the fundamentals of CCR's business and particularly its growth prospects in the global LNG space, for example the recent awarding of the Gorgon contract. We were pleased to work with CCR to find a win-win solution to the technical default" The amended terms include a basic principal conversion price of $0.50 per common share, compared to $0.75 per common share prior to this amendment. The amended terms also include a new earnings based incentive, whereby the conversion price will rise to $0.65 per common share, should the Company's audited profit for its 2006 fiscal year exceed $2.75 million. The conversion price in relation to the resolution of a certain possible liability, described in Note 11 to the Corporation's September 30, 2005 financial statements, is now $0.40 per common share, as compared to $0.60 in the previous agreement.

The amendments have received regulatory body approval but in accordance with policies of the TSX the amendments are subject to shareholder approval which is anticipated to occur in June, 2006.

The Company has previously commented on the cyclical nature of its business, resulting from the timing of project activity. The Debenture amendments announced today were made to provide more certainty through the end of 2006 regarding the Corporation's financial ability to successfully pursue and execute projects.

CCR Technologies is a technology solutions company focused on the purification of process chemicals and sweetening of sour gas through the use of proprietary patented technologies. The Company provides economic and environmental benefits to the upstream, downstream oil and gas industries, and is also pursuing new business opportunities in the petrochemical and international chemical purification markets.

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

The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond CCR's control, including: the impact of general economic conditions in Canada and in countries in which CCR and its subsidiaries currently do business, industry conditions, increased competition, the lack of available qualified personnel or management, equipment failures, fluctuations in product prices and in foreign exchange or interest rates and stock market volatility. CCR's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits CCR will derive there from.

Contact Information

  • CCR Technologies Ltd.
    Oleh Hnatiuk
    President and Chief Executive Officer
    (403) 543-6699
    CCR Technologies Ltd.
    Peter Kinash
    Vice President and Chief Financial Officer
    (403) 543-6699