SOURCE: ILI Technologies (2002) Corp.

February 26, 2008 09:15 ET

ILI Technologies Signs New Thermoflex Pipe Contracts

CALGARY, ALBERTA--(Marketwire - February 26, 2008) - ILI Technologies (TSX-V: ILI) is pleased to announce that it has signed several new contract agreements for its Thermoflex Piping and associated connectors. These new agreements will continue the Company's revenue growth and are expected to lead to increasingly larger orders as initial applications are completed and tested.

In Mexico, ILI Technologies has been contracted to install a downhole string in a highly corrosive environment with a major international oil and gas service company. The first well is expected to be completed in March 2008. ILI is in negotiations for a multi-million dollar multi-well 24-month contract after the first well is completed and tested to ensure that all quality parameters are reached.

In the Northern region of Mexico, ILI Technologies is working on a direct assignment contract covering approximately 40km for its Thermoflex Piping. This project is expected to commence in April 2008.

The Company has also been selected to supply a major oil and gas company in Wyoming with Thermoflex Piping starting in March 2008. This project is expected to run approximately 30 months. This agreement is the first major contract for ILI's Thermoflex Piping outside of Mexico and marks the opening of a significant new market as Thermoflex Piping gains international acceptance.

ILI Technologies also continues to progress in negotiations for several significant orders in Mexico and the US. Negotiations can be lengthy when dealing with major international producers and service companies but ILI is confident that its superior products and services will lead to several additional orders during 2008.

ILI Technologies is also pleased to announce that it has been invited to present its Thermoflex Pipe at the 9th Annual International Pipeline Conference Exhibition sponsored by Pemex in the city of Villahermosa, Tobasco, Mexico in early March 2008. For more information on the Conference, investors can visit www.pemexpoductos.com.

ILI Technologies (2002) Corp. is a high technology company, whose principal business is to develop, manufacture and market oil and gas industry Information Technology (IT) and Operational solutions that improve business performance. ILI's business development efforts have shown excellent results, with the addition of a number of new customers from our CBM Pumps and Services Inc. acquisition and the addition of new sales, management and service teams in our offices in Alberta, Texas and Wyoming. ILI Technologies (2002) Corp. is also in the process of developing other new product lines to add to its suite of existing products.

For further information, please contact Serge Bonnet, President, ILI Technologies (2002) Corp, at: Phone: (403) 543-0060, Fax: (403) 543-0069 or E-mail: invest@ilitech.com -- Website: http://www.ilitech.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, please contact:
    Serge Bonnet
    President
    ILI Technologies (2002) Corp.
    Phone: (403) 543-0060
    Fax: (403) 543-0069
    E-mail: Email Contact
    Website: http://www.ilitech.com