– Including contract from Statoil R&D division for proprietary mixing solution –
MONTREAL, QUEBEC – May 24, 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 totaling $1.3 million for gas treatment solutions. The bulk of this amount is for a CO2 gas treatment membrane system to be delivered to a South American gas producer. The second purchase order was awarded by Statoil, Norway’s International energy company and a shareholder of ProSep, for a small proprietary mixing solution to be used in their gas treatment research and development activities. Both systems are expected to be delivered by the end of 2012.
“Our unique gas treatment expertise is increasingly sought after by producers around the world to optimize their production,” said Jacques L. Drouin, President & CEO. “As we build references and performance data, our technologies are gaining interest from new customers and industry leaders such as Statoil, interested in further developing the potential scope of applications of our novel technologies.”
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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