Ken Nimitz, Senior Vice President, at Glori, said: "We are very pleased to begin this next phase of our project with Petrobras, one of the world's leading energy companies. We believe this full field deployment of AERO will bring excellent value to our client while firmly establishing Glori's footprint in the region where we continue to build key alliances for expansion."
Claudio Furtado, Advanced Recovery Program Manager at Petrobras, said: "Glori's AERO technology offers significant potential for our portfolio of assets. This important milestone represents the continuation of our ongoing enhanced oil recovery project with Glori and we see this as an initial step with a technology that could represent huge potential across our assets."
Petroleo Brasileiro or Petrobras is a publicly traded corporation, the majority stockholder of which is the Government of
FORWARD LOOKING STATEMENTS
Any statements contained herein which are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements identified by or containing words like "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should", or similar expressions. All statements by us regarding our possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives and similar matters are forward-looking statements. Glori gives no assurances that the assumptions upon which such forward-looking statements are based will prove correct. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions (many of which are beyond our control), and are based on information currently
available to us. Actual results may differ materially from those expressed herein due to many factors, including, without limitation: the risk that any projections, including earnings, revenues, expenses, margins, or any other financial expectations are not realized; oil production rates; oil prices; the efficacy of changes in oil fields acquired; competition and competitive factors in the markets in which Glori operates; the expected cost of recovering oil using the AERO System, demand for Glori's AERO System and expectations regarding future projects; adaptability of the AERO System and development of additional capabilities that will expand the types of oil fields to which Glori can apply its technology; plans to acquire and develop additional oil fields and the availability of debt and equity financing to fund any such acquisitions; the percentage of the world's reservoirs that are
suitable for the AERO System; the advantages of the AERO System compared to other enhanced oil recovery methods; and Glori's ability to develop and maintain positive relationships with its customers and prospective customers. Although Glori believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurances that such expectations will prove to be correct. These risks are more fully discussed in Glori's filings with the
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Chief Financial Officer
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