Company makes major breakthrough in South East Asia
MONTREAL, July 9 /CNW/ - ProSep Inc. (TSX: PRP), dedicated to providing
process solutions to the oil and gas industry, announced today that it has
signed a contract with Powertium Sdn Bhd and Malaysia Marine and Heavy
Engineering Sdn Bhd, a wholly-owned subsidiary of Petronas, valued at
$3.3 million (CDN). ProSep will provide a glycol regeneration package to be
used by Petronas, a Fortune 500 oil and gas company wholly-owned by the
Malaysian government, in its Gumusut-Kapap deep-water project.
"Today's announcement represents a significant milestone for the
Company," said Jacques L. Drouin, President and CEO of ProSep Inc. "It
establishes us as an emerging player in the South East Asia region and gives
further evidence of the international reputation we are building as providers
of innovative separation technology for the oil and gas industry."
The Company expects to deliver the regeneration package in the second
quarter of 2009. With this contract, ProSep's current sales backlog totals
approximately $48 million (CDN).
Glycol is used in the production of natural gas, facilitating the
separation of water from gas. Glycol regeneration is the process used to
separate the collected water so that glycol can be reused.
About ProSep Inc.
ProSep Inc., formerly known as TORR Canada Inc., is dedicated to
providing process solutions to the oil and gas industry. ProSep designs,
develops, manufactures and commercializes technologies to separate oil, water
and gas generated by oil and gas production. For more information, please
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 ProSep 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 ProSep's business
For further information:
For further information: ProSep Inc., Jacques L. Drouin, President &
CEO, (514) 522-5550, ext. 226, email@example.com; The Equicom Group Inc.,
Joe Racanelli, (416) 815-0700 ext. 243, firstname.lastname@example.org