CORRE Announces Reliance Upon Annual Financial Statement Filing Exemption

TORONTO, April 23, 2020 /CNW/ - CANADIAN OIL RECOVERY AND REMEDIATION ENTERPRISES LTD. (TSX-V: CVR) ("CORRE" or the "Company") announces that pursuant to the blanket relief granted by the Canadian Securities Administrators it will not file its annual financial statements for the year ended December 31, 2019, and the related management's discussion and analysis, as required by Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations (collectively, the "Annual Filings") prior to the filing deadline of April 29, 2020.

The Company expects to report its Annual Filings results on or about June 12, 2020 and is afforded a postponement of up to a maximum 45-day extension pursuant to blanket relief for all market participants granted by the Canadian Securities Administrators.

Other than as disclosed in the Company's press releases, there have not been any material business developments since the date that the last financial statements of the Company were filed.

The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 –Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a black-out period until the commencement of the second trading day after the Annual Filings have been disclosed by way of a news release.

About CORRE

CORRE 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.

We seek Safe Harbor.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. 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 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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes 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.

SOURCE Canadian Oil Recovery & Remediation Enterprises Ltd.

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