BOCA RATON, Fla., May 8, 2012 /CNW/ - Latitude Solutions, Inc. (OTC:
LATI), a water engineering and remediation company, announced today
that it has entered into a 50/50 Joint Venture agreement with Oil
Raiders Logistics Inc. (ORL), an oil field service company. The
agreement includes the acquisition of a 192 acre site which has three
fresh water wells producing over 1,000,000 gallons/day in Ward County,
Texas. This includes the establishment of a water retention and
remediation facility to process and reclaim high volumes of produced
and flowback water. The initial installation will deploy several of
Latitude Solutions' proprietary Electro Precipitation™ Integrated Water
Systems™ (IWS) technology. Each unit can process up to 660,000 gallons
of flowback water per day. The new facility will serve the installed
ORL's customer base and other Oil & Gas clients in the Permian Basin.
Oil Raiders Logistics and Latitude Solutions expect the facility to be
producing revenues by June 2012.
(Logo: http://photos.prnewswire.com/prnh/20120208/FL49584LOGO)
Mr. Jeff Wohler, Latitude's CEO, states, "Latitude Solutions is proud to
enter into this agreement with Oil Raiders Logistics. The new facility
will be a full service center to meet all of the increasing needs for
the Oil & Gas industry. This agreement further validates our business
model and highlights the growing acceptance of Latitude's state of the
art technology. Our goal for 2012, to deploy our patented water
remediation technology across multiple industries including: Oil & Gas,
coal fired power plants, food processing, paper and pulp and medical
markets. The financial goal is to achieve multiple revenue streams for
Latitude Solutions."
Mr. D. Lee Washington, COO of ORLH2O and Oil Raiders Logistics Inc.,
added, "After an extensive search and testing, we are excited to enter
this Joint Venture with Latitude Solutions. The Latitude IWS
efficiencies and scalability are much needed and a long awaited
solution for our customers. The synergistic partnership between
Latitude and ORLH2O's focus on providing a total logistics solution to
the largest Oil & Gas shale in America is a 'just in time' solution.
This has been a challenging pursuit of ours from the beginning of this
last surge in the Permian Basin, it is clear that one of our most
valuable resources, water, is being depleted at an alarming rate. This
venture will offer the oil companies a value added program that saves
them millions of dollars while sustaining this precious resource and
continuing the much needed drive in our nation's economy."
About Latitude Solutions, Inc.
Latitude Solutions, Inc. provides innovative wastewater remediation
solutions worldwide to Oil & Gas, energy, mining, food processing,
agricultural and other industrial users worldwide utilizing its
patented Electro Precipitation™, (EP™) technology. LSI's proprietary
Electro Precipitation™, Integrated Water Systems™ (IWS™) technology
provides a sustainable solution to water related oil and gas production
issues by rendering previously unusable production, flowback and other
contaminated water suitable as reusable makeup water for ongoing
operations, including hydraulic fracturing. This re-use process
significantly reduces costs.
About Oil Raiders Logistics
Oil Raiders Logistics Inc. is a diversified company committed to
providing professional oil field services in the Permian Basin. Over
the past year ORL has developed a reputation for quality customer
service and timely, dependable delivery of materials and equipment for
the Oil Industry. Oil Raiders Logistics Inc. offers its customers a
variety of value added service and has become one of the most trusted
and innovative trucking companies and logistic solutions firms in the
state of Texas.
This new release may contain certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Investors are cautioned that such forward-looking statements involve
risks and uncertainties, including without limitation, acceptance of
the Company's products, increased levels of competition for the
Company, new products and technological changes, the Company's
dependence on third-party suppliers, and other risks detailed from time
to time in the Company's periodic reports filed with the Securities and
Exchange Commission.
SOURCE Latitude Solutions, Inc
