CCR TECHNOLOGIES LTD.
TSX : CRL

CCR TECHNOLOGIES LTD.

May 21, 2009 13:46 ET

CCR Technologies Ltd. Reports First Quarter 2009 Results and Corporate Update

CALGARY, ALBERTA--(Marketwire - May 21, 2009) - CCR Technologies Ltd. (TSX:CRL) (the "Corporation") (www.reclaim.com), a leading chemical purification technology solutions and service provider, today announced financial results for the period ended March 31, 2009.

Gross revenues decreased by 32% to $0.848 million in the first quarter of 2009 from $1.251 million in the first quarter of 2008. This resulted in a net loss for the period of $1.867 million compared with a net loss of $1.296 million in 2008. Complete details of the Corporation's quarterly financial and related information are available on SEDAR at www.sedar.com.

In addition to the foregoing, the two largest shareholders of the Corporation have advised they do not intend to proceed with the acquisition of all of the issued and outstanding common shares of the Corporation not already held by such shareholders at a purchase price of $0.035 per share, as previously announced on March 13, 2009, but have agreed to provide $1,200,000 of additional financing under an existing non-revolving demand credit facility.

The Corporation has also received a non-binding letter of understanding from a client in the Middle East contemplating a one (1) year extension of a service contract to reclaim glycol with two of its mobile units in the Middle East, subject to formal documentation.

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".

Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning further financings and the completion of formal documentation to renew an existing service contract and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. 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 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 ability and timing of the Corporation to complete the transactions, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents of the Corporation. 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, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

Contact Information

  • CCR Technologies Ltd.
    Marcel Kessler
    President and CEO
    (403) 543-6699
    Website: www.reclaim.com