ILI Technologies (2002) Corp.

ILI Technologies (2002) Corp.

May 05, 2011 09:00 ET

ILI Technologies Receives Purchase Order

CALGARY, ALBERTA--(Marketwire - May 5, 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 entered into a definitive agreement with an established Mexican construction company (the "Company") with respect to the Company's construction project to build a sub structure through pilings for the support of drilling equipment for the project "Campo SEN Pozo 212". The Company is contracted to Schlumberger, the largest oil and gas service company in Mexico, under a Master Agreement between the respective parties. The gross amount of the construction contract is for USD $663,392.00. COTS will provide project management services and financing of up to a maximum of USD $500,000.00 and will earn a fee of USD $80,000.00. The construction project is expected to commence approximately next week with completion in approximately 30 days. Re-payment of the financing to COTS is anticipated to be completed approximately 30 days after the completion of the project under a direct assignment agreement between COTS and the respective parties.

Phil D'Angelo states, "ILI continues to execute on business strategy in Mexico and form relationships with established partners. There are multiple projects currently under review and the company anticipates continued success as a result of its efforts".

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.

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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state of the United States or any other jurisdiction outside of Canada in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.

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