BALLERUP, Denmark, Oct. 1, 2018 - LiqTech International, Inc. (NYSE AMERICAN: LIQT) ("LiqTech"), a clean technology company that manufactures and markets highly specialized filtration technologies, announced today the Company has signed a framework agreement with one of the world's largest marine scrubber manufacturers to develop a new product for the treatment of Marine Scrubber Wastewater. The new product will offer marine vessels guaranteed compliance with 2020 International Maritime Organization (IMO) regulations to implement a new lower global cap on Sulphur emissions from international shipping, while providing attractive returns on capital and operating expenses.
The execution of the framework agreement follows a previously announced Letter of Intent between the two companies in April 2018, which was then extended in July 2018. The new filtration product covered under the framework agreement will be available for sale starting on January 1, 2019.
By 2020, the IMO has implemented a new lower cap on Sulphur emission for international shipping. Inside the Emission Control Areas (ECA) the regulations are even stricter. By installing a scrubber system, vessels can continue to operate on marine heavy fuel and avoid switching to significant more expensive marine gas oil while operating in IMO regulated areas. Before discharging the wastewater from the scrubber process, it is essential that the water is cleaned to ensure a better and safe environment.
LiqTech is a leader in the filtration of marine scrubber wastewater. LiqTech has developed a portfolio of compact and efficient wastewater treatment plants outperforming discharge limits regulated by the IMO. The LiqTech systems are fully automated and require a minimum of maintenance. The systems have proven well-suited for this difficult application and has successfully been installed on a large number of vessels both for retrofits and new builds. The solution will treat the water from the scrubber tower into a process tank where it is reused again into the scrubber tower, enabling the ship to run in a "closed loop" with no wastewater discharged overboard or in "hybrid" systems. The SOx particle is filtered and concentrated in our Silicon Carbide membranes and further dewatered in a filterpress providing bulk discharge of waste into waste handling station while in port.
Sune Mathisen, CEO of LiqTech International, commented, "We are pleased to have executed this framework agreement with one of the world's largest marine scrubber manufacturers. The new product, specifically developed in conjunction with the scrubber manufacturer, will be a great addition to our existing marine scrubber waste water portfolio providing marine vessels with an attractive operating structure with rapid return on its capital investment. We are pleased with the continued ramp in our marine scrubber business and believe we will see continued strong growth in the years to come as ship owners are continually confirming their commitments to install scrubbers."
About LiqTech International, Inc.
LiqTech International, Inc., a Nevada corporation, is a clean technology company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology.
LiqTech's products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. In particular, Provital Solutions A/S (www.provital.dk), the Company's subsidiary, has developed a new standard of water filtration technology to meet the ever-increasing demand for higher water quality. By incorporating LiqTech's SiC liquid membrane technology with its long-standing systems design experience and capabilities, it offers solutions to the most difficult water pollution problems.
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This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.
We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Sune Mathiesen, Chief Executive Officer
LiqTech International, Inc.
Phone: +45 5197 0908