Wescorp signs Letter of Intent to acquire water purification technology
CALGARY, ALBERTA, May 10, 2007 -- Wescorp Energy Inc. (OTCBB: WSCE) is pleased to announce that it has entered into a non-binding Letter of Intent (LOI) with a private Canadian corporation to acquire certain North American technology rights relating to a water purification system. The transaction is subject to due diligence, the usual and customary conditions, and entering into a definitive agreement.
In accordance with the terms of the LOI, Wescorp would purchase the right to manufacture, market, and service the seller's proprietary water purification system. The system, currently in use in Europe, was created and commercialized using Swiss, German, Italian, and Canadian engineering. The portable facility uses waste heat to flash distill oilfield reclamation water, mining leachates, landfill and factory wastewater, and seawater resulting in potable water and mineable brines. Assuming the completion of the transaction, Wescorp anticipates that it will use the system independently or in conjunction with other water remediation technologies to address the critical water issues facing the oil and gas industry today.
Wescorp Energy Inc. is an energy services and engineering company committed to commercializing new technologies intended to increase existing production while also increasing economically recoverable petroleum reserves.
The company's Flowstar Technologies Inc. division produces advanced natural gas and gas liquids measuring devices based on a patented turbine-based Digital Chart Recorder (DCR) metering system.
Ellycrack AS, a Norwegian corporation with which Wescorp has a binding agreement to enter into a joint-venture, is in the business of providing permanent heavy oil upgrading pre-processing technology that enables low-cost transport to refineries. In addition to the arrangement for a joint venture, Wescorp also owns an approximate 13% equity interest in Ellycrack AS.
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