EDMONTON, Alberta, Feb. 22, 2006 (PRIMEZONE) -- Mr. Andrew Male, Vice President and Director of COSCO ESP Inc. (Pink Sheets:CCPI), the "Company", is pleased to announce that the Company has been awarded a contract to provide another new customer with a series of parts and components for Electric Submersible Pump (ESP) related equipment. This contract is valued in excess of $265,000 and as most of the current supply contracts that the Company has, it will be the first of many to come.
The customer, Mass Energy Ltd., (Mass), based in Calgary and a key component supplier and contractor to established ESP users and oilfield managers, will send the majority of this order to oilfield installations in Libya. COSCO is pleased to be a qualified bidder for this client and, as such, will be providing substantially more equipment in the future.
COSCO President, Mark Dorin said, "We are pleased with the fact that we were able to sell our products to a Canadian company based in Calgary, Canada. The ESP products provided under this contract are varied and are comprised of some 60 plus separate components from our extensive product line. Mass will be installing this equipment and its components in a number of facilities throughout Libya. We are looking forward to a continuing relationship with Mass Energy and in turn a strong business relationship."
COSCO ESP Inc. is a publicly traded, established manufacturer and service provider of down-hole Electric Submersible Pump related equipment in the oil and gas industry. The Company's advanced technology oilfield pumping and monitoring equipment allows for more efficient extraction of oil from new and existing underground oil reservoirs. COSCO is active in several countries in the Middle East as well as Africa, Russia, China and Southeast Asia.
No Stock Exchange has reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined within the "safe harbor" provision as contained in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results.
The COSCO ESP logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2346