/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 05/18/16 -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR) ("CORRE" or the "Company") is pleased to announce that it has concluded a settlement with HERA AG Ambiental S.L. of Spain ("HERA") over its equipment lease agreement whereby CORRE leased its ARES I equipment to HERA. The final settlement agreement provides for a payment by HERA to CORRE of USD 431,505 (CAD 557,280) which includes costs and all outstanding lease payments owing by HERA to CORRE. The full settlement amount will be paid by HERA no later than May 23, 2016 according to the terms of the settlement agreement.

As part of the settlement, the ARES I equipment will be surrendered by HERA and returned to CORRE's primary equipment storage facility with CANAR Trading and Contracting, CORRE's exclusive agent in Kuwait, no later than July 22, 2016. Otherwise, per diem penalties will apply for each day of equipment delivery delay.

As a result of the uncertainty of collection of the lease payments at the time of completion of CORRE's annual audited financial statements, CORRE's auditors made the decision to impair the Company's ARES I equipment to nil ($0) value on its financial statements for the year ending December 31, 2015. In view of the above described financial settlement which includes the return of ARES I Equipment to CORRE, management is presently working to reverse the equipment impairment in order to accurately reflect the proper book value of the ARES I equipment in its forthcoming financial statements.

About CORRE

CORRE (www.corre.com) is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. CORRE provides full cycle oil waste management solutions to the petroleum industry. CORRE's customers are primarily in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies). CORRE's operating lines include remediating oil-contaminated soil; treating sludge, oil based muds and drilling waste, oil recovery; automated oil storage tank cleaning, oil and gas engineering, and project management. CORRE provides its advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.

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. In particular, forward-looking information in this press release includes, but is not limited to, the receipt of funds in settlement from Hera, surrender of ARES I Equipment by Hera and the potential reversal of ARES I Equipment impairment on the Company's financial statements. 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. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: commodity price volatility; general economic conditions in Canada, the United States, the MENA region and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in laws; and the other 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.

Contacts:
CORRE LTD.
John Lorenzo
Chairman & CEO
416-368-4027
jlorenzo@corre.com

CORRE LTD.
David Freeman
Corporate Development & Shareholder Communications
416-368-4027
dfreeman@corre.com

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