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Canadian Oil Recovery & Remediation Enterprises Ltd V.CVR.H

Energy Oil & Gas Equipment & Services
Canadian Oil Recovery & Remediation Enterprises Ltd. is a Canada-based company, which provides full cycle oil waste management solutions to the petroleum industry. The company’s operating lines include remediating oil-contaminated soil; treating sludge, oil-based muds and drilling waste; oil recovery; industrial waste management; oil storage tank cleaning; oil and gas engineering, and project management. Soil remediation, sludge treatment and oil recovery are provided by Company through its Advanced Recovery Equipment Systems (ARES), which consists of two soil washing plants known as ARES I and ARES II. The Company’s primary customers are in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies). The Company has three wholly owned subsidiaries, CORRE Inc., BDE Properties Inc. and Mentra Life Sciences Inc., which are located in Toronto, Ontario.


TSXV:CVR.H - Post by User

Canadian Oil Recovery & Remediation Enterprises Ltd
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Post by mariners13on Jun 03, 2016 2:21pm
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Post# 24932330

Making money by losing a customer?

Making money by losing a customer?

CORRE Receives Full Payment from HERA AG, Reverses Impairment Charge

CNCN


CORRE Receives Full Payment from HERA AG, Reverses Impairment Charge
TORONTO, ONTARIO--(Marketwired - May 31, 2016) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce that it has received payment of USD 431,505 (CAD 557,280) in full payment of its outstanding equipment lease with HERA AG Ambiental S.L. of Spain ("HERA") as per the Final Settlement Agreement entered into between CORRE and HERA. CORRE's ARES I facility and ancillary equipment is currently in the process of being dismantled by HERA in preparation for their return to CORRE's storage facility in Kuwait. The details concerning the settlement with HERA and the impairment of CORRE's ARES I were announced in the Company's press release dated May 18th, 2016.
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