CALGARY, ALBERTA--(Marketwire - Nov. 20, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Corporation) is pleased to announce that its wholly-owned US subsidiary FlexTek Oilfield Supply Corp. has received a purchase order for USD $3 million for the supply and installation of 35 km 4" Ansi 900 flexible pipe and connectors for sale and delivery to a third party contractor with operations in Mexico that is under contract to the state owned oil and gas producer Pemex.
CDN Oilfield Technologies & Solutions S. de R.L. de C.V. will provide technical expertise and project management services for the installation of products to ensure compliance. An advance deposit of USD $1.5 million has been prepaid by the contractor, with the remaining USD $1.5 million to also be prepaid once the manufacturer delivers the first partial shipment of pipe and connectors to the contractor.
This purchase order marks the largest single flexible pipe order received to date by the Corporation. This order is expected to be installed by the end of December 2012.
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, anticipated sales of the company and completion of installation projects . 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: general economic conditions in Canada and Mexico 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 tax laws; and the other industry and geographic specific risk factors. Investors 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. Investors 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.