– Including second contract awarded to ProSep’s joint venture with South-Korea’s Kolon Group –
MONTREAL, QUEBEC – March 15, 2012 – ProSep Inc. (TSX: PRP) (“ProSep” or the “Company”), dedicated to providing process solutions to the oil and gas industry, today announced it was awarded two contracts for a total value of $2.3 million. The first contract, for a produced water treatment package, was awarded to ProSep Kolon (ProSep’s South Korean joint venture company) by Hyundai Engineering Co. Ltd, for installation at a gas processing plant currently under development in Oman.
The second award is for a second-stage crude oil separator for an offshore facility located in Latin America. Both projects are expected to be completed by the end of 2012.
“Our strategy to invest in key growth markets is paying off. With an increasing backlog and new strategic partnerships such as our joint-venture company with South-Korea’s Kolon Group, we are well positioned to achieve a record year in 2012”, said Jacques L. Drouin, President & CEO.
ProSep is a technology-focused process solutions provider to the upstream oil and gas industry. ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production. For more information, please visit www.prosep.com.
Caution concerning forward-looking statements
This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of ProSep Inc. These statements are based, among others, on the Company’s current assumptions, expectations, estimates, objectives, plans and intentions regarding projected revenues and expenses, the economic and industry environments in which the Company operates or which could affect its activities, the Company’s ability to attract new clients and consumers as well as its operating costs, raw materials and energy supplies which are subject to a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of the conditional tense, the words “may”, “should”, “would”, “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”, “foresee”, “objective” or “continue” or the negative of these terms or variations of them or words and expressions of similar nature. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking information. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to the Company’s ability to develop, manufacture, and successfully commercialize value added equipments and services, the availability of funds and resources to continue its operations and pursue its projects, legislative or regulatory developments, competition, technological change, changes in government and economic policy, inflation and general economic conditions in geographic areas where ProSep Inc. operates. These and other factors should be considered carefully and undue reliance
should not be placed on the forward-looking statements.
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