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EXHIBIT 99.1
LATITUDE SOLUTIONS, INC. & OIL RAIDERS LOGISTICS INC. HAVE ENTERED INTO A JOINT
VENTURE TO PROVIDE THE FIRST FULL SERVICE WATER REMEDIATION CENTER FOR THE OIL &
GAS INDUSTRIES IN THE PERMIAN BASIN
BOCA RATON, FLA., MAY 8, 2012 /PRNEWSWIRE/ -- 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(TM) Integrated Water
Systems(TM) (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.
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(TM),
(EP(TM)) technology. LSI's proprietary Electro Precipitation(TM), Integrated
Water Systems(TM) (IWS(TM)) 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.
