CCR TECHNOLOGIES LTD.
TSX : CRL

CCR TECHNOLOGIES LTD.

May 26, 2005 09:00 ET

CCR Technologies Ltd. Completes $5.0 Million Strategic Investment

CALGARY, ALBERTA--(CCNMatthews - May 26, 2005) - C. Kent Jespersen, Chairman of the Board of Directors of CCR Technologies Ltd. (TSX:CRL) (the "Corporation") today announced that, further to its press release of March 28, 2005, it has completed a $5.0 million investment in the Corporation by the Quorum Group of Companies ("Quorum").

By way of a private placement, the Corporation issued a series of convertible secured debentures in the principal amount of up to $5,000,000 maturing on December 15, 2009. The debentures are secured against the assets of the Corporation and bear interest at an annual rate of 6 1/2%, payable quarterly. Except in the event of default, no principal repayment is required or permitted prior to maturity. The principal amount of the debentures is convertible at the option of the holder into common shares of the Corporation at a conversion price of $0.75 per common share and increasing to $1.10 per common share if the Corporation's 2005 pre-tax profit exceeds $3,000,000. The Corporation also has the option to force conversion of the debentures after the second anniversary of the debentures if the average trading price of the common shares of the Corporation over a 30 day period exceeds the original conversion price by 180% in the third year, 220% in the fourth year and 260% in the final year.

In connection with the private placement, Wanda Dorosz, Chief Executive Officer of the Quorum Group has been appointed to the Board of Directors of the Corporation. Jespersen remarked that, "Quorum's role at the boardroom table is very welcome to the Corporation at this junction of our growth. Quorum has introduced new technology opportunities to us that build upon our core competencies and prestigious customer base."

CCR Technologies Ltd. is a leading technology solutions corporation focused on the purification of process chemicals and sweetening of sour gas through the innovative use of proprietary patented technologies. The Corporation provides superior 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.

The Quorum Group of Companies was founded in 1987 under the leadership of Wanda Dorosz, the current CEO and Managing Partner. It operates from its headquarters in Toronto with subsidiary offices in Bermuda and London, UK. Since 1987, Quorum has successfully invested over $350 million on behalf of institutions and high net worth individuals in growth capital. It recently closed the Quorum Secured Equity Trust in December 2004, Canada's first dedicated pool for undervalued publicly-traded Canadian companies.

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

Contact Information

  • CCR Technologies Ltd.
    C. Kent Jespersen
    Chairman of the Board
    (403) 262-4300
    or
    CCR Technologies Ltd.
    Bud Bell
    Chief Executive Officer
    (403) 262-4300
    or
    CCR Technologies Ltd.
    Chris Keen, CPA
    Chief Financial Officer
    (403) 262-4300
    Website: http://www.reclaim.com