Prime City One Capital Corp.
TSX VENTURE : PMO

September 13, 2007 13:13 ET

Prime City One Capital Announces Strategic Investment

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2007) - PRIME CITY ONE CAPITAL CORP. ("Prime City One" or the "Corporation") (TSX VENTURE:PMO) is pleased to announce that it has completed a strategic investment in Canadian Oil Recovery & Remediation Enterprises Inc. ("CORRE"), a private company involved in the acquisition, development and commercialization of oil recovery and remediation technologies. Prime City One acquired an aggregate of 1,000,000 common shares in the capital of CORRE at a price of $0.10 per share. CORRE has recently been completing further private financing and has announced that it has entered into a letter agreement with C Level II International Holding Inc. ("C Level II"), a capital pool company formed in accordance with, and governed by, the rules of the TSX Venture Exchange (the "Exchange") and whose common shares are listed and posted for trading on the Exchange. The Transaction values CORRE common shares at $1.00 per share and is subject to a number of conditions, including the approval of the Exchange.

Further details regarding the Transaction are set forth in a news release of C Level II dated September 6, 2007, which can be accessed under C Level II's corporate profile at www.sedar.com.

Mr. John Lorenzo, President of Prime City One, said that he is very pleased about the strategic investment of Prime City One in CORRE and believes that this is one of the ways in which Prime City One can leverage its strategic international contacts to enhance shareholder value.

About CORRE

CORRE is a private Canadian company fully licensed to use two innovative oil recovery and remediation technologies that work in tandem to fully rehabilitate oil-contaminated sites while simultaneously recovering the oil. CORRE expects to use these technologies initially to assist in the clean up of the sludge pits in the Arabian Gulf states and the oil lakes in Kuwait. CORRE has already secured local partnerships in the Middle East. It is in the process of building and will ship and deliver in February 2008 to Kuwait process equipment and prototypes of its proprietary machinery combining its two licensed technologies. In the meantime, it has applied to pre-qualify its process with the Kuwait oil companies and authorities.

CORRE owns the advanced oil recovery and remediation equipment systems that utilize its patented technologies to separate oil from sand and deliver a complete package of site rehabilitation to its customers, which are primarily oil companies.

CORRE expects to commence its operations in the Gulf region, mainly in Kuwait, where more than 300 oil lakes await rehabilitation now that the United Nations has collected, over the last 15 years, approximately $16.5 billion dollars from Iraq, under the "oil for food" program", to compensate Kuwait for the environmental damages it suffered in the Gulf War from the explosion of the oil wells by Iraq that created the Kuwait Oil Fires and simultaneously, the Kuwait Oil Lakes. The other major market for CORRE's services in this region is the rehabilitation of the sludge pits in all the six Gulf states, namely, Kuwait, Bahrain, UAE, Qatar, Oman and Saudi Arabia.

About Prime City One Capital Corp.

Prime City One Capital Corp. is the 100% parent of BDE Equities Inc. BDE is the owner of Kingside Mortgage Corporation, a mortgage brokerage business. BDE holds a 50% interest in one property in Richmond Hill, Ontario (the "Richmond Hill Property") upon which the Corporation is planning to build 141 condominium residential units. Prime City One Capital also holds equity interests in Hot Spot Hospitality Corp. and Canadian Oil Recovery & Remediation Enterprises Inc.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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

Contact Information

  • Prime City One Capital Corp.
    John Lorenzo
    President and Chief Executive Officer
    (416) 309-2521
    (416) 368-5506 (FAX)