CALGARY, ALBERTA--(Marketwired - May 14, 2014) - Gemini Corporation (TSX VENTURE:GKX) is pleased to announce that it has entered into a letter agreement with one of its key clients for the design and construction of a major oil rail loading facility in Western Canada. The letter agreement sets out the terms and conditions upon which Gemini and its client will finalize the contract for the engineering, procurement and construction (EPC) of the facility.
Gemini's ability to provide cost certainty and compress the schedule by integrating our services under one point of accountability is a key factor in making this project successful. Gemini is currently completing the front end engineering design work on this project under its existing alliance agreement with the client. The scheduled completion date for the facility is mid-2015, barring any unforeseen delays. The majority of the detailed design engineering and related procurement service revenue is expected to be recognized in 2014 and the bulk of the construction and commissioning revenue will be transacted in 2015. Under the terms of the letter agreement, Gemini is not permitted to disclose the client or the value of the project for competitive reasons.
"This is an important project for Gemini and our client, given the challenges that continue to exist for the export of oil from Canada," commented Doug Lautermilch, Gemini's President and CEO. "We are extremely pleased that our client has seen the value in Gemini's design-build capability for this large project and we are looking forward to working closely with them to achieve a successful result."
About Gemini Corporation
Gemini Corporation is a professional services firm that designs, builds and maintains energy and industrial facilities. Founded in 1982, Gemini combines its engineering and field service capabilities to increase project efficiency and provide a single point of accountability. The Corporation's principal target markets are in-situ heavy oil, midstream, oil and gas production, and oil and gas processing facilities.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca.
This news release may contain forward looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
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