PROSEP ANNOUNCES $5 MILLION CONTRACT AWARD FOR PROPRIETARY CRUDE TREATMENT TECHNOLOGY
– Latin American customer places order for seven ProMix
crude blending systems –
MONTREAL, QUEBEC – October 4, 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 a contract valued at approximately $5 million for the delivery of seven ProMix proprietary crude blending solutions. These systems will be installed at a large onshore crude processing terminal in Latin America and will be used to efficiently blend light crude into heavy crude, achieving a uniform product to meet sales specifications. Delivery is expected to occur by the second half of 2013.
« This customer has recently installed two ProMix systems for crude desalting at this facility. After less than a year, these systems have demonstrated significant process enhancements and operating savings. By installing seven additional ProMix systems, our customer will extend these benefits to other crude processing activities, » said Jacques L. Drouin, President and C.E.O.
The ProMix patented technology is a compact in-line injection and mixing system that achieves homogenization of multiphase flows with low associated pressure drop. The ProMix can be adjusted to maintain mixing efficiency as flow conditions change, improving the performance of production chemicals or wash water. In crude blending applications, the ProMix reduces the amount of lighter and expensive mixing crudes injected into heavy crude while achieving a homogenously blended product. ProSep’s proprietary ProMix technology can easily replace conventional mixing valves or static mixers in other applications such as crude desalting, chemical injection and gas dehydration. It provides significant process improvements, reduces environmental footprint and operating expenditures.
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.
Investor Relations and Media:
VP Marketing and Corporate Development
(514) 522-5550 ext. 238