Canadian Oil Recovery & Remediation Enterprises Ltd.
TSX VENTURE : CVR

Canadian Oil Recovery & Remediation Enterprises Ltd.

April 04, 2016 13:13 ET

CORRE Announces Soil Remediation Venture With Stumpf AG

TORONTO, ONTARIO--(Marketwired - April 4, 2016) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company"), is pleased to announce that it has agreed to the terms of a new business venture with Stumpf AG ("Stumpf") of Austria, pursuant to which the parties will jointly pursue soil remediation contracts and oil service business opportunities in the Gulf region. Following a meeting held in Vienna among John Lorenzo, CEO of CORRE, Mr. Georg Stumpf, CEO and Chairman of Stumpf and Mr. Karl Ableidinger, Vice-Chairman of Stumpf, the parties agreed to form and jointly fund a new holding company, to be called CORRE INTERNATIONAL LIMITED ("CIL"). CIL is to be formed in the free zone area of Jebel Ali, Dubai, in the United Arab Emirates. Ownership of CIL will be shared equally between CORRE and Stumpf on a 50/50 basis.

The objectives of CIL will be to pursue one or more of the major soil remediation contracts in the Gulf region that are expected to be awarded by national oil companies in 2016. Discussions have commenced with a potential additional partner that is a pre-qualified contractor and soil remediation service provider to the Gulf region's national oil companies regarding the terms of a joint venture and bid that encompasses the parties' various complementary strengths and synergies. Further discussions among the foregoing parties are expected to continue in upcoming weeks, with the formation of CIL expected to be completed by the end of May, 2016.

Stumpf Group, is a leading private European company globally active in the areas of

(i) Real Estate Development (large scale projects for office, retail, residential and industrial),

(ii) High Tech Engineering (consulting, design, construction and operation of high tech production facilities for industries like Semiconductor, Photovoltaics, Life Science, Energy, Environmental or Science and Research),

(iii) large-scale Renewable Energy Developments and Investments (Development of mid-size energy projects as IPP globally in the areas of Combined-Cycle, Co- and Tri-Generation, Photovoltaic, Biomass or Geothermal), and

(iv) Industrial Investments (strategic private equity-type investments).

The activities for Soil remediation together with CORRE will be led by Stumpf Group´s global engineering activities, which are headed by the Stuttgart, Germany-based M+W Group (www.mwgroup.net) with around 7,000 employees and sales of USD 3.5 billion in 2015.

About CORRE

CORRE is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. 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, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the proposed formation of CIL, the pursuit of soil remediation contracts and oil service businesses and ongoing negotiations with third parties. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: commodity price volatility; general economic conditions in Canada, the United States, the MENA region and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the 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 this release.

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