October 20, 2006 18:27 ET

CCR Technologies Ltd. Defends Lawsuit and Files Counterclaim

CALGARY, ALBERTA--(CCNMatthews - Oct. 20, 2006) - Oleh S. Hnatiuk, President and Chief Executive Officer of CCR Technologies Ltd. (TSX:CRL) ("CCR" or the "Corporation") today announced that the Corporation has become aware of the fact that a customer of the Corporation has filed a statement of claim against the Corporation in the Court of Queen's Bench of Alberta, Judicial District of Calgary, alleging certain claims against, inter alia, the Corporation arising under certain contractual arrangements between the customer and the Corporation. The basis for this dispute has previously been noted in the Corporation's financial statements. While the statement of claim has not been served upon the Corporation and the Corporation is therefore under no obligation to defend the action at this time, the Corporation has nevertheless filed a statement of defence and counterclaim against the customer. The Corporation believes that the claims contained in the statement of claim are without merit and intends to vigorously defend the claims set forth in the statement of claim and to seek damages from the customer under the counterclaim.

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.

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 S. Hnatiuk
    President and CEO
    (403) 543-6699