TORONTO, ONTARIO--(Marketwired - April 28, 2016) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to provide an update regarding its 2016 operating budget for its Canadian operations and to fund its 50% share of capital requirement to CORRE International Limited ("CIL") (the terms of which were announced in the Company's press release dated April 4, 2016). CORRE's budget for the aforementioned items for the 2016 calendar year is $2,150,000. CORRE's major shareholders, directors and senior management have agreed to fund the entirety of this budget of $2,150,000 of which $864,500 has already been advanced to the Company. The balance of $1,285,500 will be advanced progressively over the remainder of the calendar year.
All the above-mentioned funding arrangements are interest-free shareholders' loans, which will be reviewed or reorganized once the operating budgets for CORRE and CIL have been prepared for 2017.
"The commitment and support of CORRE's major shareholders and directors are greatly appreciated by management." stated Mr. John Lorenzo, Chairman and CEO. "The unsecured non-interest bearing loans which the major shareholders, directors and senior management are providing to the Company this year speak clearly of their continued confidence in the Company's business plan and transformation into an operational, revenue generating and sustainably profitable Company."
About CORRE
CORRE (www.corre.com) is a Canadian-based oil services 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.
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, future funding of the Company's budgets and expenditures. 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 Canada, the United States, the MENA region and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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.
Neither the 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 this release.