-Approximately $US 2 million in contracts awarded recently-
MONTREAL, Oct. 30 /CNW/ - 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 pretreatment 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 Bergen, 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 www.torrcanada.com. TCI recently acquired Pure Group AS of
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:
For further information: TORR Canada Inc., Jacques L. Drouin, Senior
Vice-President & CFO, (514) 522-5550 ext. 226, firstname.lastname@example.org; The
Equicom Group Inc., Danielle Ste-Marie, (514) 844-6064,