CORRE Provides Business update
TORONTO, March 16, 2021 /CNW/ - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSXV: CVR) (the "Company" or "CORRE"). Further to the Company's news release of December 22, 2020 whereby CORRE announced the termination of its proposed reverse takeover transaction with Avant Imaging and Integrated Media Inc. ("AIIM"), the Company has been advised by the TSX Venture Exchange that with the transaction being terminated and the Company's failure to meet Tier 2 CLR requirements, CORRE will be transferred to NEX in conjunction with its resumption to trading and the trading symbol for the Company will change from CVR to CVR.H.
Political changes and unrest in the Gulf area and the drastic decline in oil prices have brought the core environmental business of the Company of treatment of oil-contaminated soil and oil recovery to a halt. This has impaired the value of the Company's equipment which has remained inactive and in storage in Kuwait. The harsh weather conditions in Kuwait have deteriorated the equipment to an inoperable level which, in turn, has drastically reduced their value.
Since the termination of the proposed transaction with AIIM, the Company has continued to search for a suitable private business partner seeking to "go public" by merging its business with the Company. However, the COVID-19 pandemic has significantly curtailed normal economic activity and made it difficult for the Company to find a suitable business partner to date. The Company will continue to explore strategic alternatives.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Please refer to the risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the 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 Canadian Oil Recovery & Remediation Enterprises Ltd.
CORRE LTD.: John Lorenzo - Chairman & CEO, 416-368-4027, [email protected]; Corporate Development & Shareholder Communications, 416-368-4027
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