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Canadian Oil Recovery & Remediation Enterprises Ltd.: Canadian Oil Recovery & Remediation Enterprises Ltd. Consolidates Managem

^{Published on 2009-12-17 10:25:45 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2009) - Canadian Oil Recovery & Remediation Enterprises Ltd. (TSX VENTURE:CVR)("CORRE" or the "Company") announces the closing of their satellite office in Montreal. Accordingly, CORRE will relocate key staff and consolidate all management functions at CORRE's central office in Toronto.

CORRE also announces it has issued 2.45 million options to key employees and directors of the Company. The options have an exercise price of $0.20 per share and will vest one year from the date of their grant. Thereafter, the optionees will be able to exercise the options over 18 equal monthly installments. The options expire on the earlier of their fifth anniversary date or at the time the optionees are no longer employees or directors of the Company.

About CORRE

CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems ("ARES") program for oil recovery and remediation. As part of ARES, CORRE owns exclusive licenses to use innovative technologies and processes for oil recovery and soil remediation of oil-contaminated sites, as well as sludge and drill cuttings treatment. CORRE plans to deploy ARES in the oil producing countries of the Middle East and North Africa and other regions where there is substantial demand for its oil recovery and remediation services.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. Except as required by applicable securities requirements, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on 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 the release.