Canadian Oilfield Solutions Corp.: Exclusive Distribution Agreement for Electric Submersible Linear Motor
December 30 2013 - 7:00AM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Canadian Oilfield Solutions Corp. (the "Corporation") (TSX VENTURE:OTS)
announces that it has finalized a distribution agreement with Shenzhen Han's
Motor S&T Co., Ltd. of China for its Electric Submersible Linear Motor (the
"Motor"). The agreement appoints the Corporation as the exclusive distributor to
distribute, market, sell, and supply the Motor within Canada and Mexico as well
as to Petroleum Development Oman ("PDO") in Oman. The agreement has an initial
term of one year and is renewable for any mutually agreed upon term. Renewals
will be based on sales volumes, product performance, and market conditions.
The Motor duplicates the movement of a rod pump without the pump jack or rod
string. All moving parts are contained within the motor housing, eliminating the
traditional problem of wear between the rod and tubing. In horizontal wells, the
Corporation believes that the Motor will provide clients with a solution to
current rod wear and rod failure problems. The motor will be capable of remote
monitoring and able to be adjusted for stroke and pumping speed. In addition,
the motor is mechanically efficient and is anticipated to significantly reduce
the operating costs over traditional pump jack installations.
Headquartered in Calgary, Alberta, Canadian Oilfield Solutions Corp. provides an
array of specialized products and services that are used in the energy, mining,
and industrial & agricultural water industries.
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.
This document contains information that constitutes forward-looking information
under applicable securities legislation. All statements, other than those of
historical fact, which address activities, events, outcomes, results or
developments that the Corporation anticipates or expects may or will occur in
the future (in whole or in part) should be considered forward-looking
information. In some cases, forward-looking information can be identified by
terms such as "forecast", "future", "may", "expect", "anticipate", "believe",
"potential", "enable", "plan", "continue", "contemplate", or other comparable
terminology. In particular, this document contains statements regarding future
operations of the Corporation.
Forward-looking information is based on current expectations, estimates,
projections and assumptions, which the Corporation believes are reasonable but
which may prove to be incorrect and therefore such forward-looking information
should not be unduly relied upon. The forward-looking information in this
document is based upon on various assumptions, including the assumption that the
distribution agreement will be completed in accordance with its terms and
according to schedule; the projects will not be unduly delayed due to weather or
underground conditions at the project sites; assumptions regarding industry
activity; the general stability of the economic and political environment;
effect of market conditions on demand for the Corporation's products and
services; the ability to obtain qualified staff, equipment and services in a
timely and cost efficient manner; the ability to operate its business in a safe,
efficient and effective manner; the performance and characteristics of various
business segments; the effect of current plans; the timing and costs of capital
expenditures; future oil and natural gas prices; currency, exchange and interest
rates; the regulatory framework regarding royalties, taxes and environmental
matters in the jurisdictions in which the Corporation operates; and the ability
of the Corporation to successfully market its products and services.
Further, there is a multitude of risks that may cause the Corporation's actual
results to differ materially from those contemplated (whether expressly or by
implication) in the forward-looking information in this document. These risks
include, without limitation, risks of counterparties breaching contracts;
construction risks; economic risks; the risk that revenues may not be received
in the expected timeframe; uncertainty regarding underground conditions;
financing risks; solvency risks; tax risks; and legislative and regulatory
developments; customers' completion of expected work programs; fluctuating
prices for crude oil and natural gas; changes in drilling activity; general
global economic, political and business conditions; weather conditions;
regulatory changes; the successful exploitation and integration of technology;
customer acceptance of technology; success in obtaining issued patents; the
potential development of competing technologies by market competitors; and
availability of products, qualified personnel, manufacturing capacity and raw
materials, and the Corporation's successful performance under contracts. Readers
are cautioned that the above list of factors is not exhaustive. Other factors
which could cause actual results, performance or achievements of the Corporation
to differ materially from those contemplated (whether expressly or by
implication) in the forward-looking statements or other forward-looking
information are disclosed in the Corporation's publicly filed disclosure
documents.
The Corporation is not obligated to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as required by applicable laws. Because of these risks, uncertainties and
assumptions, prospective investors should not place undue reliance on these
forward-looking statements. The foregoing statements expressly qualify any
forward-looking information stated in this document.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Oilfield Solutions Corp.
Ken Berg
President and Chief Executive Officer
(403) 543-0060
(403) 543-0069 (FAX)
kberg@cotsoilfield.com
Canadian Oilfield Solutions Corp.
Scott Hamilton
Chief Financial Officer and Corporate Secretary
(403) 543-0060
(403) 543-0069 (FAX)
shamilton@cotsoilfield.com
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