MONTREAL, QUEBEC — (Marketwire) — 01/30/12 — ProSep Inc. (TSX: PRP) (“ProSep” or the “Company”), dedicated to providing process solutions to the oil and gas industry, today announced it was awarded a contract valued at approximately $13 million for the design and supply of a seawater treatment and water injection system for installation on a floating production system that will operate in a deepwater Gulf of Mexico field. This contract represents the Company–s third contract award in the region.
“After a year of significant order growth, we are thrilled to enter 2012 with a large backlog. With this new contract award, one of our largest to date, we expect to achieve record revenues in 2012,” said Jacques L. Drouin, President and CEO. “The investments we made in expanding our engineering and business development capacity have given us the necessary relationships and resources to work with customers right from the first engineering and design stages. This allows us to develop custom solutions that best meet our customer–s requirements and provide a better value proposition.”
ProSep–s seawater injection module is a highly efficient alternative to traditional system designs. It is a complete and customized solution that includes membrane ultra-filtration, sulphate removal and vacuum deaeration. The system was designed to meet strict weight and size availabilities on the floating production platform. Delivery is expected to occur during the first quarter of 2013.
About ProSep
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 .
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.
Contacts:
ProSep Inc.
Investor Relations and Media:
Danielle Ste-Marie, VP Marketing and Communications
(514) 522-5550 ext. 238