CALGARY, Oct. 1 /CNW/ - CriticalControl Solutions Corp., (TSX-V:CCZ)
today announced that its wholly owned subsidiary, CriticalControl Energy
Services Inc., has acquired the business and assets of Western Corrosion
Technologies ("WCT") for $525,000. The founder, Lee Erwin and an additional 5
employees will join the CriticalControl team as part of the transaction.
"The addition of WCT's web based products, PipeWatch and CorrosionWatch,
to our suite of tools increases the data our clients are able to capture
related to their gathering systems and is a natural evolution in the method of
management of production data," said Alykhan Mamdani, President and CEO of
CriticalControl. "The acquisition will be immediately accretive and increases
the value we provide to customers for each meter, which is the basis of our
strategy to drive growth in 2009 and beyond."
The acquired business of WCT includes a service to assist gas producers
in mapping their gas wells and the system of interconnected pipelines that
connect them to a gas plant ("Gathering Systems"). PipeWatch is a web based
tool which assists these producers to view the resulting schematics through a
geographic information system ("GIS") based map.
CorrosionWatch is a risk assessment tool that integrates schematic and
GIS data from PipeWatch with gas composition and gas production data to
determine areas in a gathering system susceptible to internal corrosion. This
assessment enables greater efficiency in allocating maintenance dollars to the
areas of a gathering system that pose the greatest risk.
$490,000 of the purchase price was paid at closing, with the remainder to
be paid in May 2009 subject to certain performance criteria. The acquisition
of WCT's assets is expected to add over $1 Million in revenue to
CriticalControl in 2009.
ProStream is a current development initiative by CriticalControl to
consolidate the various forms of data associated with gas production and to
reduce the significant time burden related to managing redundant and
conflicting production data. ProStream is built to answer the industry's need
to contain administrative costs, increase data integrity and leverage
essential production data to empower our clients to make informed decisions
related to their operations.
CriticalControl's proprietary applications and services will feed the
ProStream database, providing it with production and related data from over
100,000 distinct measurement points, creating Canada's largest source
repository of production data.
CriticalControl is a technology company that builds, implements and
manages critical business process solutions. Our proprietary products are data
management tools to operate the critical business operations of our government
and energy sector clients. In addition to our proprietary products, we
implement large scale document and records management solutions using our
strong domain expertise and in depth knowledge of our customer base. Where
critical processes require unconditional continuity, our clients look to us to
manage and perform certain operational functions on a short term or long term,
outsourced basis. For more information please visit www.criticalcontrol.com.
This media release may contain certain forward-looking statements that
reflect the current views and/or expectations of CriticalControl Solutions
Corp. with respect to their respective performance, business, and future
events. Such statements are subject to a number of risks, uncertainties, and
assumptions as outlined in the Company's filings with the Canadian securities
regulatory authorities. Actual results and events may vary.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Alykhan Mamdani, President & CEO, Tel (403)
705-7500; or David Feick, The Equicom Group, Tel (403) 538-4787,