QI Systems Introduces New Oil Field Product.DALLAS & VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- QI Systems Inc. of Dallas, Texas and Vancouver, BC, Canada (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :QIIIF), is pleased to announce a new product offering. The Company has introduced a revision of the company's proven fluid control and reporting system An organization set up for: a. early warning, tracking, and recognition of aircraft and tracking of surface craft, and b. control of all active air defenses. It consists primarily of a chain of radar reporting stations and control centers and an observer organization, together with the that is specifically designed to monitor and report crude oil collection from wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. storage facilities. The system will provide system control, data capture and reporting features for well owners, lease holders and truckers. The system ensures that accurate and current records are available to all stakeholders in the production and collection system. The target market for this system is the owners and operators of low flow or "stripper Stripper Slang for an individual homeowner who strips the equity out of his or her home through mortgage refinancing. Proceeds are generally not re-invested, but spent on consumer goods. Notes: Most people get rich by saving and investing wisely. " wells worldwide, particularly in North America. Stripper wells, defined as producing less than 10 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , account for nearly 30% of United States domestic oil production but represent 75% of oil wells currently in operation. Nationally, about 400,000 stripper wells are currently in production. In Oklahoma alone about 85% of the state's oil production comes from about 75,000 producing stripper wells. QI Systems' new product offers a cost effective control and reporting system for stripper wells that will assist the operator keep marginal wells in production and provide accurate accounting for wellhead dispersal. As oil prices rise and supply uncertainty continues, the QI Crude Oil Monitoring and Report Collection System will help assure that every stripper well is used to its full potential. For lessors, the new system provides for precise accounting of actual flow from the wellhead and will eliminate inaccurate pumping reports. Initial marketing activities have been launched targeting accounts in Oklahoma and Texas. For more information on this product please direct inquiries to QI Systems Inc. or visit the company's web site at www.qisystems.ca. QI Systems Inc. designs and sells card payment solutions for various industries. Products and core competencies include smart cards and stored value systems, security protocols, data communications, software design and hardware manufacture. Matters discussed in this press release may include "forward-looking statements" subject to certain risks and uncertainties. Consider all factors carefully when evaluating forward-looking statements as actual results may differ materially from those expressed herein. QI Systems is protected from litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. regarding forward-looking statements and undertakes no obligation to publicly update such forward-looking statements. The OTCBB Exchange accepts no responsibility for the adequacy of this news release and hasn't investigated the validity of these claims. Approved on behalf of the Board Steven R. Garman President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. QI Systems Inc. www.qisystems.ca |
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