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TORR Canada Awarded US$20.9 Million Contract
Montreal, Canada (ots/PRNewswire) - TORR Canada Inc. ("TORR" or "the Company") (TSX-V: TOR), a world leader in hydrocarbon remediation technology, today announced it has been awarded a contract by SK Engineering & Construction ("SKEC"), one of the world's leading engineering, procurement and construction organizations, for US$20.9 million for seven sets of TORR water treatment systems that will treat 260,000 barrels per day of produced water. This contract could be worth up to US$22.4 million if SKEC agrees to all of the options that TORR has proposed. The systems will be used by Kuwait Oil Company ("KOC") in conjunction with their intensive program to upgrade and relocate underground process piping at 10 gathering centres and a booster station.
"Our bidding book continues to grow and we are now beginning to see solid results from the conversion of our outstanding pipeline of quotations into revenue," said Alain Ferland, President and CEO of TORR Canada. "This contract gives us an entry point into the Middle Eastern market and represents a meaningful accomplishment towards our goal of increasing our market penetration worldwide."
Revenue will be recognized upon delivery which is expected to occur during fiscal 2007. As per TORR's business model, it is expected that a yearly supply of RPA(R) cartridges will be required to treat these 260,000 BPD of produced water.
About TORR Canada Inc.
TORR Canada Inc. (formerly EARTH (Canada) Corporation) is a world leader in the development of leading edge technologies for hydrocarbon remediation. Through the use of its TORR(TM) System, a Total Oil Remediation and Recovery unit and its proprietary RPA(R) Cartridge, a reusable petroleum adsorbent, TORR Canada focuses on the extraction of hydrocarbons from upstream Oil & Gas produced water. The Company provides to its customers superior economic and environmental benefits. For more information, please refer to TORR's website at www.torrcanada.com
Caution concerning forward-looking statements
Certain statements contained in this press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of TORR CANADA INC. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to legislative or regulatory developments, competition, technological change, changes in government and economic policy, inflation and general economic conditions in geographic areas where TORR CANADA INC. operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. TORR CANADA INC. does not undertake to update any forward-looking statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
ots Originaltext: TORR Canada Inc.
Im Internet recherchierbar: http://www.presseportal.ch
For further information: TORR Canada Inc., Jacques L. Drouin, CFO &
Corporate Secretary, +1-(514)-522-5550, ext. 226,
firstname.lastname@example.org; The Equicom Group Inc., Eric Bouchard,