Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

October 12, 2012 14:04 ET

CORRE Announces Revocation of Management Cease Trade Orders

TORONTO, ONTARIO--(Marketwire - Oct. 12, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to announce that the Ontario Securities Commission has revoked the Management Cease Trade Order in respect to John Lorenzo, President and Chief Executive Officer of the Company, and Alex Gress, Senior Vice-President and Chief Financial Officer of the Company. Management had voluntarily applied for a Management Cease Trade due to a delay in the receipt of material project accounting from the Company's MENA operating partner which subsequently delayed the Company's ability to file its interim financial statements and corresponding management discussion and analysis for the second quarter ended June 30, 2012. (the "Required Filings"). The Required Filings were filed by the Company on September 24, 2012.


CORRE is a Canadian-based company which trades on the TSX Venture Exchange under the symbol CVR and on the OTCQX®, the highest tier of the U.S. OTC market, under the symbol "CRVYF". CORRE provides full cycle oil waste management solutions to the petroleum industry. CORRE's customers are primarily in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies). CORRE's operating lines include remediating oil-contaminated soil; treating sludge, oil based muds and drilling waste; oil recovery; automated oil storage tank cleaning; oil and gas engineering, and project management. CORRE provides its advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Canadian Oil Recovery and Remediation Enterprises Ltd.
    Alex Gress
    CFO, Senior VP and a Director

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    David Freeman
    Corporate Development & Shareholder Communications