CALGARY, ALBERTA, June 18, 2015 – CriticalControl Solutions Corp. (“CriticalControl” or the “Corporation”) (TSX:CCZ) announced that it has executed contracts to extend and expand services currently provided to a senior Canadian oil and gas producer (the “Senior Producer”). The Senior Producer currently uses CriticalControl’s proprietary solutions including ProChart, NetFlow, ProTrend and ProMonitor Schematics. The term for the ProChart and ProTrend contracts had expired and each has been re-signed for a new five year term. Additionally, the Senior Producer has signed a new five year contract for ProMonitor Schematics expanding the implementation to include all of the Senior Producer’s acquisitions and provide flexibility for the Senior Producer to potentially use CriticalControl’s other solutions in the future, including ProMonitor Integrity.
“These long term contract renewals for multiple products are an endorsement of CriticalControl’s commitment to service and innovation,” said Alykhan Mamdani, President & CEO of CriticalControl. “Our client’s long term commitment to our core products and their investment in the implementation of our new products is a key measure in the success of our strategy.”
Recurring revenue from the new contracts for ProChart, ProTrend and ProMonitor Schematics is expected to exceed $1.4 million per year.
Forward Looking Statements
CriticalControl’s estimation of recurring revenue per year is based on the number of wells and facilities for which CriticalControl either provides or is expected to provide solutions for under the contracts. Each contract is based on the volume of wells and facilities for which the solutions are deployed and such deployment may change materially from current expectations based on the needs of the client.
CriticalControl provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.
CriticalControl Solutions Corp.
President & CEO