HOUSTON, Oct. 19 /CNW/ - SSP Offshore Inc. (the "Corporation") announced that it has set the date for its Client Day with respect to the tank testing protocol currently underway at Lab Oceano. The Client Day will be held at the Lab Oceano facilities in Rio de Janeiro, Brazil on Thursday, November 19, 2009. The Corporation expects to demonstrate to prospective clients and partners a condensed version of the test results for its proprietary SSP 320 FPSO along with its new design, the heave-optimized SSP+. Prospective clients, partners or other individuals desiring to attend the Corporation's Client Day at the Lab Oceano tank facilities who have not received invitations are requested to contact Leticia Morales in Houston, Texas at email@example.com or via phone at 713-243-4919.
In addition, the Corporation announced that it has received TSXV approval for, and completed, the two transactions previously announced on September 10, 2009. The Corporation received approval for the issuance of 2,265,000 options under its existing stock option plan and completed the private placement of 2,702,702 common shares to its acting President and CEO. The proceeds of the private placement of 2,702,702 common shares to the acting President and CEO are equal to the bonus recently granted to this individual at the recommendation of the Compensation Committee for services provided to the Corporation in 2008 and 2009 and, as such, reflect a complete reinvestment of the bonus amount back into the Corporation.
The Corporation is a public company listed under the symbol "SSZ" on the TSX Venture Exchange. The Corporation's is commercializing its proprietary SSP(R) FPSO platform. Visit the company's website at www.sspoffshore.com.
The TSXV has neither approved nor disapproved of this press release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The risks going forward include, inter alia, the significant risks associated with commercializing a new floating platform technology, financing risks and fabrication risks. SSP is also subject to the general economic conditions in the domestic and international markets it operates in. SSP assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws.
SOURCE SSP Offshore Inc.
For further information: For further information: L. Daniel Wilson, Acting CEO & Executive Vice President, at (403) 358-1110 (phone), or firstname.lastname@example.org