ILI Technologies (2002) Corp.

ILI Technologies (2002) Corp.

September 08, 2011 08:38 ET

ILI Technologies Receives Shareholders Approval and Provides Business Update

CALGARY, ALBERTA--(Marketwire - Sept. 8, 2011) - ILI Technologies (2002) Corp. (TSX VENTURE:ILI) (the "Company") is pleased to announce that at a special meeting held on Sep 7, 2011, shareholders approved the change of the name of the Company to "Cdn Oilfield Technologies & Solutions Corp.", adoption of a form of shareholders rights plan and the adoption of a stock option plan. All incumbent directors were also re-elected to the board of directors.

Building on the successful installation of Flexsteel™ Pipeline Products and completed construction projects for Pemex in Mexico, the Company anticipates bidding on new Pemex's capital projects for 2011-2013 for the supply of approximately 300 km Flexsteel™ Pipeline Products and new construction projects totalling over One Billion Pesos (approximately 100 million USD). The Company also announces that it is continuing its collaboration with Haliburton (Mexico) for field testing of the Company's filtration products. If the test phase is successfully completed, the Company anticipates that Haliburton could require up to 800 filtration units. Each unit would be retrofitted on a revolving basis through its service facility and would generate approximately $10,000.00 per unit. The Company will continue to provide market updates on its business operations as events unfold.

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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.

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