CCR TECHNOLOGIES LTD.
TSX : CRL

CCR TECHNOLOGIES LTD.

March 31, 2009 19:19 ET

CCR Technologies Ltd. Reports Year-End 2008 Results

CALGARY, ALBERTA--(Marketwire - March 31, 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 year ended December 31, 2008.

Gross revenues decreased by 6% to $7.6 million in 2008 from $8.1 million in 2007. The Corporation incurred a number of one-time costs in 2008 resulting in a net loss before tax of $8.2 million compared with a net loss of $6.8 million in 2007. Complete details of the Corporation's annual financial and related information are available on SEDAR at www.sedar.com.

Marcel Kessler, CEO of CCR commented: "CCR Technologies had a very challenging year. Revenues from engineering services have decreased significantly to $0.5 million in 2008 from $1.5 million in 2007 and from $4.8 million in 2006. The Corporation has not been able to secure a large permanent monoethylene glycol reclaimer project in 2008. Escalating project costs in 2007 and the first half of 2008 and the subsequent global economic downturn, combined with low oil and gas prices, resulted in many large projects being delayed. Revenues from our service reclaiming increased to $7.2 million in 2008 from $6.5 million in 2007. Lower than expected revenues from Egypt due to operating issues were more than offset by an increase in revenues from North America due to higher utilization of the mobile reclaiming units. CCR incurred a number of one-time costs in 2008 including a fixed asset and intangible asset impairment charge in the amount of $2.4 million which was recorded as an expense given the challenging market environment."

More details about CCR's 2008 performance are found in the letter that accompanies CCR's financial statements.

On March 13, CCR announced 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 other strategic alternatives. Such shareholders have also agreed to provide $1,000,000 of bridge financing to the Corporation.

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".

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