Formation Fluid Management Inc.
TSX VENTURE : FFM

February 16, 2011 14:58 ET

Formation Fluid Management Inc.: News Release

CALGARY, ALBERTA --(Marketwire - Feb. 16, 2011) - Formation Fluid Management Inc. (TSX VENTURE:FFM) ("FFM") is pleased to announce that the manufacturing and assembly process of our first commercial unit is still on target for an April completion. After successfully applying our technology through our Mobile Test Unit on various sites with Nexen Inc., Stone Mountain Resources etc., we are very close to completion of the first commercial unit. The design of the main components is complete and the engineering department is finalizing specialized water testing for the pre-filtration unit. The Mobile Treatment Plant will consist of two modules that will be housed in two independent trailers. Depending on the outcome of the on-going water testing, we may add another unit for additional pre-filtration to address more severely contaminated wastewater.

Our Mobile Treatment Plant will be capable of processing flowback and produced water at 60m3 per hour and is expected to deliver the industry's first "Low-Cost" treatment process that can be ramped up or down to meet different wastewater treatment demands.

As a Solutions Provider we will be able to customize future water treatment plants to meet the specific quality and volume requirements of our most valued customers.

Once our first unit is commissioned and under contract, FFM will commence manufacturing additional units to service its marketplace. We expect that our Water Treatment Process will allow us to get established in the significant wastewater treatment market. We expect to become the leader in this market due to our unique design and "Low-Cost" alternative treatment methods. We believe that to date, the approaches to solving the wastewater problems in the oil and gas industry have been inadequate.

The Company is on track with executing its business plan as detailed in its Prospectus filed on June 1, 2010, which is available on SEDAR.

On behalf of the Board of Directors
Al Radford, President & CEO

FORWARD LOOKING INFORMATION

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, risks arising from general economic conditions and adverse industry events, risks arising from operations generally, reliance on contractual rights such as licenses and leases in the conduct of its business, reliance on key personnel, market acceptance of the Company's products and services, the need to protect intellectual property and other proprietary rights, possible failure of the business model or business plan or the inability to implement the business model or business plan as planned, fluctuations in the cost of materials, competition, environmental matters, and insurance or lack thereof.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

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.

Contact Information

  • Formation Fluid Management Inc.
    Wolf Fiedler
    Senior Vice President
    (403) 550-9027
    wfiedler@fftinc.ca