November 14, 2005 17:57 ET

CCR Technologies Ltd. Reports Third Quarter Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - CCR Technologies Ltd. (TSX:CRL) (, a leading chemical purification technology solutions and service provider, today announced financial results for the period ending September 30, 2005.

Oleh Hnatiuk was appointed the Corporation's new President and Chief Executive Officer on September 1, 2005 following a strategic plan developed by the Board of Directors to reposition the Corporation to mitigate the impact of its current cyclical revenue base, as well as to extend its technology footprint geographically.

In making his first report as CEO after 30 days, Oleh Hnatiuk reported that for the three months ended September 30, 2005, the Corporation had revenue of $2,016,000. This resulted in a net loss of $332,000 compared to revenue of $10,059,000 which generated net income of $655,000 for the same period in 2004. The loss was primarily brought about by the cyclical nature of the business, where at certain points in time, existing projects are nearing completion and new projects are not yet on-stream and earning revenue.

Hnatiuk said "I believe that, although the loss incurred is disappointing, the Corporation is setting the stage for success in the future. We will improve the delivery of our services and technologies. It is time to market CCR aggressively to prospects in North America and internationally. We will be launching complementary business opportunities that grow out of our suite of proven chemical and gas processing technologies."

"We have appointed Mike Drake as Vice President, Flow Assurance in order to build on the success of the group formerly known as Technology Licensing and Solutions, which is at the forefront in developing glycol hydrate inhibition solutions for applications worldwide. His mandate is to manage current flow assurance projects, develop new projects and expand the business into other related areas. In addition, Chris Keen has been appointed Vice President, Reclaiming (formerly known as Mobile Reclaiming Services). He will be improving the delivery of mobile chemical reclaiming services to our customers, providing more comprehensive reclaiming solutions and expanding the business domestically and internationally. Chris Keen will continue as Chief Financial Officer until a new CFO is appointed. Todd Beasley will continue as Vice President, New Paradigm Gas Processing which offers advanced solutions to processing natural gas streams containing hydrogen sulfide. To strengthen CCR's commitment to constant technology improvement, Ray Abry has been appointed Director of Technology for the Corporation reporting directly to me."

Kent Jespersen, Chairman of the Corporation stated: "The Board is enthusiastic about Oleh Hnatiuk's leadership in the new re-energizing of CCR's potential."

CCR Technologies is a technology solutions company focused on the purification of process chemicals and sweetening of sour gas through the use of proprietary patented technologies. The Company provides 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 Hnatiuk
    President and Chief Executive Officer
    (403) 543-6699