Canadian Oil Recovery and Remediation Enterprises Ltd. announced that it has agreed to the terms of a new business venture with Stumpf AG (Stumpf), pursuant to which the parties will jointly pursue soil remediation contracts and oil service business opportunities in the Gulf region. Following a meeting held in Vienna among John Lorenzo, CEO of CORRE, Mr. Georg Stumpf, CEO and Chairman of Stumpf and Mr. Karl Ableidinger, Vice-Chairman of Stumpf, the parties agreed to form and jointly fund a new holding company, to be called CORRE INTERNATIONAL LIMITED (CIL). CIL is to be formed in the free zone area of Jebel Ali, Dubai, in the United Arab Emirates.

Ownership of CIL will be shared equally between CORRE and Stumpf on a 50/50 basis. The objectives of CIL will be to pursue one or more of the major soil remediation contracts in the Gulf region that are expected to be awarded by national oil companies in 2016.