EDMONTON, Alberta, July 13, 2007 (PRIME NEWSWIRE) -- Mr. Andrew Male, Vice President and Director of COSCO ESP Inc. (Pink Sheets:CCPI) ("COSCO") (the "Company"), is pleased to provide a progress report on results of meetings with equity investment groups. Potential institutional investors that we have met specialize in the oil and gas service sector and several have expressed a strong interest to further discussions with the Company. COSCO is in the process of working through some of the logistical issues raised by the interested parties.
COSCO is very pleased with reaction from these equity investment groups and hopes to work through their questions and other requisite items in the coming months. The style and type of financing being sought takes time to close and requires significant due diligence and the addressing of a multitude of items, predominantly with respect to deal structure and conditions. COSCO is confident it can meet such requirements.
Financing sought is designed to fulfill the full requirements of the Company's business plan and its operational needs. Included is the completion of an acquisition of ESP technology and the establishment of a manufacturing facility, possibly in partnership with others.
COSCO ESP Inc. is publicly traded on Pink Sheets under the symbol "CCPI," and is an 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.
The COSCO ESP logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2346
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.