Mr. Lorenzo ascertained from his visit to Kuwait that KOC is expected to tender two to three new high value contracts for drill cuttings facilities in 2 to 3 different drilling locations in Kuwait in Q2 of 2013. It is CORRE's intent, through its SCM operating partnership, to submit bids for all drill cuttings tenders. Moreover, the Company is currently preparing itself for the upcoming oil lakes and SEED soil remediation tenders also forthcoming in Q2 of 2013. The Company believes that these target dates for the release of tenders by KOC have become more plausible now that KOC has completed the reorganization, staffing and noticeable expansion of its drill cuttings and environmental departments in anticipation of the release and administration of these tenders.
Upon his return to Toronto from his business trip to the Gulf Region, Mr. Lorenzo stated: "We have completed our SAR CORRE MENA LTD's budget in anticipation of the submitted and forthcoming high value drill cuttings and soil remediation tenders. We are completing the organizational structure of SAR CORRE MENA LTD and staffing our Dubai offices to assist the new international department in Norway to bid and hopefully secure and execute the forthcoming projects within the scope and specialization of our line of oil services." Mr. Lorenzo added: "The experience we are gaining from our project in Jordan and from our last year's bidding process for the SEED contracts in Kuwait as well as our new operating partnership in Saudi Arabia, position us for success this year."
Negotiations with the Company's major shareholders and strategic new partners are ongoing to fund the Company's portion of the SAR CORRE MENA LTD's 2013 budget as well as the operations and working capital of CORRE. We will keep our shareholders updated of any final developments in this regard.
CORRE is a Canadian-based company which trades on the TSX Venture Exchange under the symbol CVR. CORRE provides full cycle oil waste management solutions to the petroleum industry. CORRE's customers are primarily in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies). CORRE's operating lines include remediating oil-contaminated soil; treating sludge, oil based muds and drilling waste; oil recovery; automated oil storage tank cleaning; oil and gas engineering, and project management. CORRE provides its advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.
Except for statements of historical fact relating to the Company, 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. Except as required by applicable securities requirements, the Company has 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.
Neither 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 the release.
Chairman and CEO
Corporate Development & Shareholder Communications
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