MONTREAL, Canada, October 30 /PRNewswire/ --
- Approximately US$2 Million in Contracts Awarded Recently
TORR Canada Inc. (TSX: TOR) ("TCI"), dedicated to providing innovative process solutions to the Oil & Gas industry, today provides an update following its acquisition of Pure Group AS. During the last few weeks, two of the recently acquired business units have concluded the sale of three oil and gas treatment systems for total considerations of approximately US$2 million. Delivery of two of these systems is expected to occur before the end of 2007. The third system will be delivered in the first half of 2008. Revenue and expected gross profit will be recorded on a progress basis and will be reflected in TCI's future financial results.
"We are pleased with the immediate contributions Pure Group's business units are making to our overall sales. The systems sold consist of conventional and novel technologies and in one instance, a repeat sale," said Alain Ferland, President and Chief Executive Officer of TORR Canada. "The sale of more traditional equipment, such as gas membranes will help stabilize our revenue stream by providing regular cash flow from operations and sustained growth. Further, the acquisition of these business units now provides us with a more complete portfolio of complementary novel technologies that are gaining increased market acceptance."
ProSep Technologies, based in Houston, Texas, recently completed the sale of a gas membrane unit to one of North America's largest oil and gas producers. This conventional technology is used for removal of CO2, H2S and H2O. In 2006, ProSep supplied the pre-treatment and membrane separation equipment to this same customer for a different West Texas project. This new contract represents the first phase of a two phase project.
ProPure, based in Burgen, Norway, recently completed the sale of two novel proprietary mixers to major oil producers in the Middle East and Central America. This newly commercialized mixer is used to enhance conventional desalting in oil treatment, while reducing chemical use and water consumption.
About TORR Canada Inc.
TCI is dedicated to providing solutions to the oil and gas industry. TCI designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production. For more information, please visit http://www.torrcanada.com. TCI recently acquired Pure Group AS of Norway.
Caution concerning forward-looking statements
This press release contains forward-looking statements. Such statements inherently involve numerous risks and uncertainties. Actual future results may differ from the anticipated results expressed in the forward-looking statements contained in this press release and TCI does not undertake to update this information. Investors are cautioned against placing undue importance on forward-looking information contained herein and should consult the final short form prospectus and the documents incorporated by reference therein, which contain a more exhaustive analysis of risks and uncertainties connected to TCI's business.
For further information: TORR Canada Inc., Jacques L. Drouin, Senior Vice-President & CFO, +1-514-522-5550 ext. 226, firstname.lastname@example.org; The Equicom Group Inc., Danielle Ste-Marie, +1-514-844-6064, email@example.com