Opsens concludes the acquisition of Inflo Solutions in Alberta to integrate its operations in oil & gas



    QUEBEC CITY, Dec. 12 /CNW Telbec/ - Opsens Inc. (TSX VENTURE
EXCHANGE: OPS) ("Opsens") announced the closing of the acquisition of all
outstanding shares of Inflo Solutions Inc. ("Inflo"), a company dedicated to
the design and installation of reservoir surveillance solutions based on
optical and conventional sensors to the oil and gas market.
    The purchase price is 1,200,000 Opsens common shares and $120,000 cash.
At the closing, 510,000 shares out of the first 600,000 shares were paid into
escrow and will be released over a 48-month period. The balance of the shares
and the cash, represented by a series of promissory notes, have also been paid
in escrow, to be released or cancelled, as applicable, over a 48 month period
ending December 11, 2011, following the achievement or non achievement of
certain performance milestones. Opsens has also committed to invest up to
$350,000 into the working capital of Inflo during the 48-month period
following the acquisition. The shares issued at closing are subject to a
statutory 4-month hold period ending on April 12, 2008.
    Inflo's design/installation expertise will allow Opsens to offer fully
integrated well/reservoir monitoring services directly to its customers,
including its existing OPP-W optical sensor which will be used for continuous
monitoring of downhole pressure and temperature in very harsh environments
such as high temperatures of up to 300degreesC., and applied in the Steam
Assisted Gravity Drainage (SAGD) production process. This acquisition provides
Opsens with the opportunity to extend the scope of technical monitoring
solutions to its customers with products that are complimentary to its OPP-W
optical sensor.
    The name 'Inflo Solutions Inc.', will be changed to 'Opsens Solutions
Inc.' ("Opsens Solutions") to reflect the fact that henceforth it will be a
wholly owned subsidiary of Opsens. Operations will be performed out of
facilities located in Edmonton, Alberta. The management team of Opsens
Solutions will include:

    Gaétan Duplain, President and Chief Executive Officer
    Ridha Abid, Vice President, Sales and Marketing
    Dr Rick Chalaturnyk P.Eng., Executive Vice President
    Hal Soderberg P.Eng., Vice President Operations
    Peter Lang P.Eng., Vice President Engineering

    Gaetan Duplain, Vice President at Opsens and President at Opsens
Solutions stated, "This strategic acquisition represents a significant
opportunity for Opsens to continue its growth as a state-of-the-art reservoir
surveillance solutions provider to the oil and gas industry. The unique and
complementary expertise of the Inflo management team comprised of Dr Rick
Chalaturnyk, Peter Lang and Hal Soderberg, provides a solid framework for the
development of value added applications for its customers. Opsens' increased
capability for intelligent monitoring system design and robust, effective
installation solutions, which are a high priority concern for customers, will
support its aggressive commercialization in the high-potential Canadian and
international markets. In addition, Inflo's experience will be key in
identifying new applications for our products."
    Dr Rick Chalaturnyk, President and Chief Executive Officer at Inflo and
Executive Vice President at Opsens Solutions stated, "The opportunity to
integrate our corporate skills in the design and installation of monitoring
solutions with the state-of-the-art technology embodied in Opsens and in
particular, sensor technology like the OPP-W sensor, is exciting. The
synergies that exist at Opsens Solutions will allow us to provide an
unparalleled level of reservoir surveillance solutions to our oil and gas
customers. We look forward to joining with the world-class team at Opsens and
applying our business experience and expertise towards capitalizing on the
commercial potential represented by OPP-W technology."
    Opsens is initially targeting the oil sands market in Alberta, where SAGD
is becoming the key production process, and where there is a potential for the
installation of Opsens sensors in multiple oil wells. Opsens has already
received an order from a major oil sands operator in Alberta for the supply
and installation of Optical Sensing Systems. Canada has 179 billion barrels of
oil reserves with 95% being oil sands, second only to Saudi Arabia. Canada is
expected to increase its oil production by up to 500% by 2015. Opsens
monitoring systems will provide continuous acquisition of downhole pressure
and temperature allowing SAGD operators to control steam injection and fluid
production; critical information for optimizing bitumen recovery rates,
reducing operating costs, managing steam chamber growth and managing safe
steam injection pressures.

    Grant of stock options

    Opsens' Board of Directors also authorized the grant of a total of
500,000 stock options to Opsens Solutions employees and officers.
    Under the provisions of Opsens' stock option plan, each stock option
granted will entitle its holder to subscribe, until December 10, 2012, for one
Opsens' common share at a price corresponding to the closing price of the
shares on December 10, 2007. Options granted in this way will vest over a
period of four years at a rate of 25 % per year, with the first tranche to be
acquired at the end of the first year following the granting of the options.

    About Opsens (www.opsens.com )

    Opsens is a leading developer, manufacturer and supplier of a wide range
of fiber optic sensors and associated signal conditioners based on proprietary
patent and patent-pending technologies. Opsens sensors provide long-term
accuracy and reliability in the harshest environments. Opsens provides sensors
to measure pressure, temperature, strain and displacement to original
equipment manufacturers (OEM) and end-users in the oil and gas, medical,
energy, scientific and military laboratory fields. Opsens offers technical
services, such as on site installation, training and turnkey fiber optic
systems.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this press release.

    Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties and other factors that may cause actual
results, performance and achievements of Opsens to be materially different
from any future results, performance or achievements expressed or implied by
the said forward-looking statements.




For further information:

For further information: Pierre Carrier, President and Chief Executive
Officer, (418) 682-9996; Louis Laflamme, CA, Chief Financial Officer, (418)
682-9996

Organization Profile

Opsens Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890