QUEBEC CITY, Aug. 28, 2015 /CNW Telbec/ - Opsens Inc. ("Opsens" or the "Company") (TSXV: OPS) (OTCQX: OPSSF) is pleased to announce a partnership agreement between Opsens Solutions Inc. ("Opsens Solutions"), a wholly-owned subsidiary of Opsens and Precise Downhole Services Ltd. ("Precise DHS") for the installation of its products for the Oil and Gas market in Western Canada.
In thermal recovery processes, Opsens' fiber optic technologies provide oil sands producers with real-time downhole pressure and temperature information about their SAGD wells during operation. The ability to accurately control bottomhole pressure at high temperatures for artificial lift systems such as electrical submersible pumps allows SAGD operators to improve steam/oil ratios and reduce operating and lifting costs. For multiple well operations, the technology provides millions of dollars in savings by reducing water treatment costs, resulting in optimization of natural gas consumption as it pertains to steam generation and enhancing the run time of artificial lift systems.
Precise DHS is a Canadian company operating in the heavy oil industry who specializes in meeting demanding reservoir monitoring requirements within western Canada. The organization is particularly recognized for its experience and capabilities in the installation of solutions for the measurement of pressure and temperature. As part of the agreement, Opsens intends to work with Precise DHS for the installation and commissioning of its OPP-W sensor and other products dedicated to its customers consisting of heavy oil producers in Western Canada.
"We are constantly looking for opportunities to provide the best products and services at a high level of value to our markets. Combining the expertise of Opsens Solutions and Precise DHS is moving exactly in this direction in view of the synergies between our two companies", said Gaétan Duplain, Vice President, Industrial, Oil and Gas of Opsens.
"We are enthusiastic with this agreement between Opsens and Precise because it will open doors to new opportunities within our core business. The ability to install a sensor on the cutting edge of technology, such as the OPP-W sensor from Opsens, is a great recognition of our expertise", stated Nathan Frederick, President of Precise DHS.
Opsens focuses mainly on two large and growing markets: interventional cardiology with a focus on Fractional Flow Reserve ("FFR") and the industrial, oil and gas segment. In interventional cardiology, Opsens offers an advanced optical-based pressure guidewire (OptoWire) that aims at improving the clinical outcome of patients with coronary artery disease. In the industrial, oil & gas segment, Opsens develops, manufactures and installs innovative fibre optic sensing solutions for critical applications such as the monitoring of oil wells and other demanding industrial applications.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE OPSENS INC.
For further information: Thierry Dumas, CPA, CA, Chief Financial Officer, 418.682.9996; Louis Laflamme, CPA, CA, President and Chief Executive Officer, 418.682.9996