ILI Technologies (2002) Corp.
TSX VENTURE : ILI

ILI Technologies (2002) Corp.

August 03, 2011 09:00 ET

ILI Technologies Receives 3 New Purchase Orders

CALGARY, ALBERTA--(Marketwire - Aug. 3, 2011) - ILI Technologies (TSX VENTURE:ILI) 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 3 new purchase orders to execute new projects in Mexico.

The first purchase order is for the supply and installation of 3" Ansi 600 pipe and connectors to install 1.863 km of Flexsteel™ Pipeline Products for the well identified as ITA 28 owned and operated by Pemex, the state owned oil and gas producer under contract to an established Mexican service company who has been providing services in Mexico for over 30 years.

The second purchase order is for the installation of 6" Ansi 300 pipe and connectors to service a direct assignment contract for $700,000 USD. The contract is to be executed immediately with total re-payment in 90 days.

Installation of the wells identified by Pemex as Ectal 19, Sigma 19 and Cuitliac 660 totalling 6.938 km are now complete and tested to Pemex specifications ahead of schedule, exceeding the expectations of the oil and gas producer. COTS is waiting for the final convenio to be issued by the Recurso Materials Group authorized by Pemex to execute the paperwork so the payment process can be completed.

The third purchase order was received from an established construction company with whom COTS has been working to provide continued pre-construction services. The Company is contracted to Schlumberger, the largest oil and gas service company in Mexico, under a Master Agreement issued by Pemex. COTS will earn a fee under the terms of the agreement. The project has already commenced and is expected to be completed in approximately 30 days. Payment is anticipated to be completed in approximately 60 days. Specific terms cannot be disclosed under a confidentiality agreement between the parties.

ILI is pleased to announce that the net proceeds for the first project totalling $580,000 USD has been received in full.

Phil D'Angelo states, "ILI continues to execute on its business strategy and build on its relationships in Mexico. The flexible pipe business is gaining traction and confidence is building with Pemex as a result of our proven successes. COTS has been a leader in Mexico working closely with Pemex to adopt new technologies, proving these technologies and implementing new installation techniques and test procedures which have resulted in significant savings compared to previous processes that have been in place for decades. In addition, COTS has diversified the pipe business to generate alternative revenue streams. ILI will continue to identify new opportunities with the sole intention of increasing shareholder value".

ILI is pleased to announce the launch of its revised website: www.ilitech.com to better inform shareholders of the company's new direction, business structure and activities. Final revisions are being made. We expect to launch this week.

Reader Advisory

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.

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