March 13, 2009 18:38 ET

CCR Technologies Ltd. Announces Proposed Insider Bid

CALGARY, ALBERTA--(Marketwire - March 13, 2009) - CCR Technologies Ltd. (TSX:CRL) ("CCR" or the "Corporation") announces that it has entered into a non-binding letter of intent with its two largest shareholders, whereby such shareholders collectively propose to acquire, pursuant to all regulatory approvals, all of the issued and outstanding shares of the Corporation not already held by such shareholders at a purchase price of $0.035 per share. Such shareholders collectively hold approximately 55% of the issued and outstanding shares of the Corporation. The Corporation had previously appointed an independent special committee with a mandate to consider any such bids or proposals and any strategic alternatives.

Such shareholders have also agreed to provide $1,000,000 of bridge financing to the Corporation.

The Corporation will issue a further press release when additional details are available.

CCR purifies process chemicals and natural 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 environmental business opportunities in other industries and international markets.

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

Contact Information

  • CCR Technologies Ltd.
    Marcel Kessler
    President and Chief Executive Officer
    (403) 543-6699