EDMONTON, Alberta, Feb. 16, 2006 (PRIMEZONE) -- Mr. Andrew Male, Vice President & Director of COSCO ESP Inc. (Pink Sheets:CCPI), the "Company", is pleased to announce that the Company has been awarded an initial contract to provide a new customer with a variety of Electric Submersible Pump (ESP) related equipment. The value of this first contract is excess of $250,000 and is the first in a potential series of contracts for the Company should COSCO meet expectations under the agreement. COSCO has been asked, subsequent to being awarded this contract, to bid on other contracts. These bids are in process.
The customer is a well established ESP and oilfield manager, with the majority of their operations throughout the Middle East. Based in Europe, the client has numerous operations around the globe that require ESP's and ESP related equipment. COSCO has been involved in a lengthy process to become a qualified bidder for this client and, as such, has been awarded an initial contract.
According to COSCO President Mark Dorin, "We couldn't be happier to be awarded this contract. It is the culmination of a lot of work to prove the level of our expertise and the quality of our equipment and once we demonstrate our competence in both areas, there is no doubt we will enjoy a long and fruitful business relationship."
The initial product supply will be provided for operations in North Africa, an area where the Company has been conducting business for quite some time.
COSCO ESP Inc. 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 company 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.