Cdn Oilfield Technologies & Solutions Corp.
TSX VENTURE : OTS

Cdn Oilfield Technologies & Solutions Corp.

November 28, 2011 09:00 ET

COTS Receives Purchase Order for USD $1.655 Million

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2011) - Cdn Oilfield Technologies & Solutions Corp. (TSX VENTURE:OTS)

The corporation is pleased to announce that its 100% wholly owned Mexican subsidiary Cdn Oilfield Technologies & Solutions S. de R.L de C.V. ("COTS") has received a USD $1.655 million purchase order for the supply and installation of 4" Ansi 900, 2,000 psi Flexsteel™ Pipeline Products. Under the terms of the service agreement COTS will provide products, technical expertise and service to a new client under contract to install 17.4 km of flexible pipe and accessories for a gasducto pipeline owned and operated by Pemex, the state owned oil and gas producer in Mexico.

COTS has received an initial deposit of USD $500,000.00 and will receive the balance less 10% prior to shipment from the manufacturer. There are multiple lines to be installed under this contract. The parties have negotiated the remaining 10% to be paid in installments after each pipeline has been installed and tested to Pemex specifications. The pipe is currently being manufactured with installation dates being coordinated with Pemex.

Phil D'Angelo states, "This is the largest single order received to date and marks the entry to even larger orders anticipated by the company from this client. Under a confidentiality agreement the client cannot be named but we are dealing with a major player in Mexico with significant contracts that need to be serviced. We are delighted that COTS has been chosen to supply and service their contractual requirements".

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