September 10, 2009 17:38 ET

CCR Technologies Ltd. Announces Middle East and Africa Joint Venture

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2009) - CCR Technologies Ltd. (TSX:CRL) ("CCR" or the "Corporation") (, a leading chemical purification technology solutions and service provider, today announced that it has entered into an overseas joint venture with a privately owned third party for the expansion of services and capital projects utilizing the Corporation's proven proprietary and patented technologies for the reclamation of amines and glycols in certain countries in the Middle East and in all of Africa ("Territory"). The jointly owned corporation will primarily offer fee-based services that will enable the reclamation, purification and reuse of process chemicals (primarily amines and glycols) and permanent glycol and amine reclaimers and related services. Initially, CCR will own approximately eighty three (83%) percent of the issued and outstanding equity in the joint venture corporation which will gradually be reduced over a three (3) year period to no interest.

In connection with the joint venture, the Corporation will sell to the jointly owned off-shore corporation two mobile reclaiming units and an existing service contract in the Territory, as well as grant to the joint venture off shore corporation an exclusive technology license to use CCR's technology in the Territory, for total deemed consideration of US$6,625,000. In consideration therefore, the Corporation has acquired fifty (50%) percent of the ordinary voting shares of the joint venture corporation for a period of three (3) years and 6,625,000 redeemable non voting preferred shares having a redemption value of US $1.00 per preferred share, such preferred shares to be redeemed by the joint venture corporation on a pro-rata, quarterly basis, over a three (3) year period commencing on October 1, 2009. The license agreement also provides that the Corporation will receive a license fee equal to ten (10%) percent of the gross revenues for service reclamation projects and for renting or leasing equipment to third parties within the Territory, excluding those revenues generated from the existing service contract in the Territory for a period of three (3) years and ten (10%) of net revenues for permanent reclaimers sold to third parties.

After three (3) years the Corporation will have no further interest in the joint venture corporation but will continue to receive the ongoing fees associated with the technology license and ongoing fee-based services as required within the Territory.

CCR Technologies purifies process chemicals and sweetens sour gas through the use of proprietary patented separation technologies. The Corporation provides environmental and economic benefits to the upstream and downstream oil and gas industries, and is also pursuing new separation business opportunities in other industries and international markets. Shares of CCR Technologies Ltd. trade on the Toronto Stock Exchange under the symbol "CRL".

Cautionary Statements

Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements, including but not limited to, the timing and redemption of preferred shares, contributions of capital, the ability of funding to complete same and future licensing or service prospects involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund the joint venture, the effects of the recessionary economy and such other business risks as discussed herein and other publically filled disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward-looking statements are made based on management's beliefs, assumptions, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Contact Information

  • CCR Technologies Ltd.
    Marcel Kessler
    President & CEO
    (403) 543-6699