TORONTO, ONTARIO -- (Marketwire) -- 09/20/10 -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR) ('CORRE' or the 'Company') is very pleased to announce the appointment of four new directors to the Corporation. Joining the existing board of directors of the Company are Mr. James Newman, President and Chief Executive Officer of NOCO Energy Corp, Mr. Fred Di Tomaso, P. Eng., Founding Partner and President of TG Engineering Inc., Mr. Sohail Khan, a Chartered Accountant with over 35 years of business experience, and Mr. Turki Khalid Khoj, P. Eng, a business analyst and an engineer.
Both Mr. Khan and Mr. Khoj are board nominees of Al-Najah Advanced Technology Co. Ltd ('NAT'), CORRE's largest institutional shareholder that holds 21,250,000 CORRE common shares, in addition to common share purchase warrants that entitle NAT to acquire a further 21,250,000 common shares at a price of $0.20 per share.
CORRE is very pleased with the addition of the new directors, each of whom brings additional technical skill sets and proven operating capabilities to assist CORRE in its continued operational and financial development. CORRE's new directors augment an already well-established and prestigious group of directors.
Mr. James Newman is President and Chief Executive Officer of NOCO Energy Corp. ('NOCO') and also serves on NOCO's board of directors. Mr. Newman has extensive experience in the acquisition, storage, and delivery of petroleum products and since assuming the reins of leadership of NOCO during 2001, he has launched a natural gas and electricity distribution business, invested heavily in the biofuels business, and has expanded the Company's geographical footprint East across New York State. He has held leadership positions with the Center for Bio-Industry Development, the Buffalo Niagara Partnership, and the Independent Petroleum Marketers of New York. Mr. Newman holds a Bachelor of Arts degree in Economics and Government from Georgetown University in the United States.
Mr. Fred Di Tomaso, P.Eng., is President and Founder of TG Engineering Inc. ('TGE'), an international oil and gas engineering design and project management firm operating since 1990. With over 35 years of experience in the oil and gas industry, Mr. Di Tomaso has an extensive project management background and has worked on a number of projects including the successful design and completion of gas plants, oil treating facilities, compressor stations, pipelines, pumping stations, and numerous other special studies and projects. Mr. Di Tomaso has completed a variety of projects overseas including Yemen, Pakistan, Bangladesh, Kuwait, Iran and Algeria. He holds a Bachelor of Science in Mechanical Engineering from the University of Alberta in Canada.
Mr. Sohail Khan is a Fellow of the Institute of Chartered Accountants of Pakistan. Mr. Khan has over 35 years of business and operations experience, holding senior positions in finance, business development and general management in diversified industries including oil and gas, both upstream and downstream, consumer goods, technology and construction, including over eight years audit experience with associate firms of PricewaterhouseCoopers and Ernst & Young.
Mr. Turki Khalid Khoj, P.Eng., is a business analyst, holding a postgraduate degree in accounting and financial management with an engineering background. Mr. Khoj has worked across a variety of industries and has experience in business development and financial analysis. He holds a Masters in Accounting and Financial Management from Temple University in Philadelphia, Pennsylvania.
In addition to announcing the new directors, CORRE is also very pleased to announce that it has very recently opened a new office in Dubai, United Arab Emirates. The new Dubai office will localize the Company's Middle East and North Africa ('MENA') business development operations and will headquarter the Company's recently formalized MENA operating partnership with SAR AS ('SAR') of Norway called SAR-CORRE MENA Limited ('SCM'). The SCM operating partnership pursues commercial operations in soil remediation, oil recovery, sludge treatment, waste management, automated oil storage and tankers tank cleaning, water treatment and treatment of drill cuttings. In addition to headquartering the SCM partnership, the Dubai office will also be used to centralize the MENA operations of CORRE's other operating partnership with TG Engineering Inc. of Calgary, Alberta called CORRE-TG Inc. ('CORRE-TG'). CORRE-TG pursues oil and gas engineering design and project management services in the MENA regions. For more information on the Company's partnerships with SAR and TGE, please refer to the Company's news releases of December 14th and 30th, 2009.
CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems ('ARES') for sludge treatment, soil remediation and oil recovery. As part of ARES, CORRE owns exclusive licenses to use innovative technologies and has developed proprietary processes for oil recovery, sludge and drill cuttings treatment and remediation of oil-contaminated sites. CORRE is deploying ARES in the oil producing countries of the Middle East and other regions where there is substantial demand for its services.
Through strategic operating partnerships with multi-national oil services companies, CORRE has expanded its line of oil services across the MENA regions to include waste management, oil storage and oil tankers tank cleaning, water treatment, and oil and gas engineering and project management.
Forward Looking Statements
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 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.
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