Initial entry into Western Canadian oil sands market
SEATTLE, April 4, 2016 /CNW/ -- ClearSign Combustion Corporation (NASDAQ: CLIR) announced today an agreement with a major Canadian oil sands producer to design and engineer ClearSign's Duplex™ technology for its oil field once-through steam generators (OTSG).
This multi-phase agreement begins with a design and engineering phase. ClearSign will deliver a fully engineered Duplex system design, as well as cost and budget, for testing and deployment the producer's existing and planned fleet of OTSGs. The project is expected to be complete within the next six months. Upon conclusion, the Canadian company will have the option to first field test; and upon validation of the design, to deploy Duplex to all or a portion of their fleet of approximately 40 units in Northern Alberta.
This contract marks ClearSign's first project in the Western Canadian oil sands market. Typical of the Canadian market, the producer's OTSGs are large, 250MMBtu/hr, steam units and key to extracting heavy, viscous (bitumen) oil deposits from its reserves. Canadian OTSGs are typically four times larger than those found in the U.S.
"This agreement is similar to previously announced projects where the operator is seeking to validate ClearSign's technology," said Stephen Pirnat, ClearSign Chairman and CEO. "We look forward to completing a successful design and showcasing Duplex's unique capabilities for the first time in the Western Canadian oil sands, which is an addressable market of several hundred OTSGs."
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and is developing products and technologies that strive to improve key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patent-pending Duplex™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the chemical, petrochemical, refinery, power and commercial boiler industries. For more information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management's belief, as well as assumptions made by, and information currently available to, management. Forward-looking statements may be identified by words such as "expect", "anticipate", "believe", "intend", "hope", "could", "plans" and other comparable or similar terminology as well as the negative of such terminology. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Annual Report on Form 10-K and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
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SOURCE ClearSign Combustion Corporation
For further information: Investor Relations: Matthew Selinger, Three Part Advisors, LLC for ClearSign, +1 817-310-8776; or Media: Alana Herro, Antenna Group for ClearSign, +1 415-977-1918, firstname.lastname@example.org, http://www.clearsigncombustion.com