CALGARY, ALBERTA--(CCNMatthews - Oct. 23, 2006) - Gemini Corporation (TSX VENUTRE:GKX) is pleased to announce its intention to build a fabrication facility to service the burgeoning Canadian heavy oil industry and other industrial clients.
The Corporation is in the process of finalizing the purchase of 102 acres of land located in Strathcona County on the outskirts of Fort Saskatchewan, Alberta. This purchase is subject to the completion of due diligence, bank financing and Board of Directors approval. It is expected to close prior to the end of November and could have certain production activity start as early as the first quarter of 2007. The facility design is well underway and construction is expected to commence in the second quarter of 2007.
Gemini's breadth of services from engineering through to fabrication, construction and maintenance is extremely well-suited to delivering value to the numerous industrial complexes being established or expanded in the Fort Saskatchewan and Redwater regions. The Corporation's existing operations have built a strong client base in the area through their reputation for quality workmanship. This new facility will support the Corporation in expanding its full-service capability and provide added capacity to service existing and future client requirements.
In addition, the new fabrication capacity will be concentrated toward servicing the growing trend of modular processing facilities for heavy oil installations. The Corporation's involvement in this trend has been growing steadily over the past two years in response to escalating field installation costs. Based upon the experience and research to date, most oil and gas industry participants are looking to modularized fabrication as a means to controlling their future infrastructure development costs.
"The construction of this facility is an important cornerstone in the execution of our growth strategy to further penetrate the growing heavy oil market", said Carl Johnson, Gemini's President & CEO. "The level of infrastructure development to be completed over the next 10 to 20 years in these regions is enormous. By adding this facility we will more than double our capacity to service this growth and establish a foundation for the expansion of all our services in the region."
About Gemini Corporation
Gemini Corporation offers a wide range of interrelated services including project management, engineering, fabrication, construction, operations and maintenance of oil & gas and industrial facilities within Canada and internationally. The Corporation is a leading provider of engineered solutions and field services through either stand-alone or integrated, full-service approaches to a broadening client base in the energy, environmental and industrial sectors.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ab.ca.
This news release contains forward looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
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