The Company's directors have approved the 2014 operating budget of
All the above-mentioned financings are interest-free shareholders' loans. It has been further agreed that the repayment or settlement of all the above-mentioned shareholders' loans will be reviewed in Q1 of 2015 when the Company anticipates starting to receive its share of revenue from the current drill cuttings treatment contract in
The Company continues to work with its operating partner, major shareholders and Kuwaiti banks to finance
"The generous commitment and support of CORRE's major shareholders and directors have been greatly appreciated by management. The unsecured non-interest bearing loans which the shareholders have provided to the Company speak clearly of their continued confidence in management and the Company's success and growth." stated Mr.
CORRE is a Canadian-based oil services company which trades on the
Forward Looking Statements
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, the potential future value of the KOC Contract, estimated operating costs and CAPEX and the potential for successfully obtaining additional contracts via the tendering processes discussed herein. 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: commodity price volatility; general economic conditions in
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. Readers are cautioned not to place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Oil Recovery and Remediation Enterprises Ltd. John LorenzoChairman & CEO (416) 368-4027 Canadian Oil Recovery and Remediation Enterprises Ltd. David FreemanCorporate Development (416) 368-4027 firstname.lastname@example.org Source: Canadian Oil Recovery & Remediation Enterprises Ltd.