Another significant milestone in the building of a solid foundation for the Company's long-term business and financial plan
Canadian Oil Recovery & Remediation Enterprises Ltd. announces the achievement of another significant milestone in the building of a solid foundation for the Company’s long-term business and financial plan. CORRE has entered into a binding agreement with TG Engineering Inc. (“TGE”), a Canadian international engineering design and project management company that services the oil and gas industry. TGE is headquartered in Calgary, Alberta, the oil capital of Canada.
The agreement provides the formation of a new company in Canada, namely, CORRE-TG Inc., (“CORRE-TG”) with equal partnership by CORRE and TGE. The Company and TGE both benefit from the synergistic value of CORRE-TG, the economies of scale and the reduced cost of their combined operation in the Middle East and North Africa (“MENA”) countries. This partnership is in keeping with the business model adopted by the Company’s management disclosed in CORRE’s previously announced partnerships with SAR AS (“SAR”) of Norway and the National Cleaning Company of Kuwait (“NCC”). For more information on the Company’s partnerships with SAR and NCC, please refer to the Company’s news releases of December 14th and 24th respectively.
The CORRE-TG services include gas compression processing and treating, oil and water processing, liquids handling, power and cogeneration, utility systems facilities and LPG recovery. With CORRE-TG, the Company continues to strengthen and expand its range of oil and gas services in the MENA oil-producing countries.
CORRE has also engaged TGE to complete the balancing and commercialization of its proprietary Advanced Recovery Equipment System (“ARES”) which specifically utilizes the Oxidation Stripping (“OS”) technology for oil recovery and clean-up of oil-contaminated soil. Accordingly, CORRE intends to ship its ARES OS facility presently in Montreal, Canada, to TGE in early January 2010 for its final development and balancing in preparation for its on-site testing at NCC’s oil waste management location in the southern industrial district of Kuwait. CORRE’s ARES OS facility is part of the Company’s proprietary line of ARES facilities designed and built to provide comprehensive and environmentally-safe solutions for sludge treatment, oil recovery and remediation of oil-contaminated soil.
Mr. Alex Gress, senior vice-president of CORRE, commented: “CORRE’s management is very enthused to announce another significant milestone achieved in this last quarter of 2009. These milestones are the result of both management’s long-standing relationships with their strategic partners, extensive negotiations and due diligence performed by all parties involved during the course of the whole year. We are confident in TGE’s capabilities and in its strong international track record. We are now well positioned to execute on our business plan.”
TG Engineering Inc. is an International Engineering Design and Project Management firm dedicated to serving clients in the pipeline, oil and gas, power generation, power distribution, water treatment, petrochemical, refining, chemical, and equipment process technology industries. Established and incorporated in 1990, TG Engineering Inc. has been providing a full range of engineering and construction project management services to these industries for over 18 years. Combined with an on-going commitment to meeting client needs and achieving objectives, TGE has earned a well-deserved reputation for providing quality services. Built upon a strong foundation of lasting relationships with their clients, TGE continues to experience strong well-managed growth. Some of the major TGE clients include Total E&P, EnCana, BP, Devon Canada Energy, Amoco and Qatar Petroleum.
TGE also specializes in new facility design and construction, expansions, debottlenecking, and optimization. The projects typically undertaken are on “fast-track” schedules and often include sourcing and revamping of used equipment.
CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems (“ARES”) program for oil recovery and remediation. As part of ARES, CORRE owns exclusive licenses to use innovative technologies and processes for oil recovery, sludge and drill cuttings treatment and remediation of oil-contaminated sites. CORRE plans to deploy ARES in the oil producing countries of the Middle East and other regions where there is substantial demand for its oil recovery and remediation services.
With its new strategic partnerships with multi-national oil services companies, CORRE has significantly expanded its line of oil services in the MENA regions to include waste management, oil storage and oil tankers tank cleaning, water treatment, and engineering design and project management.