SEATTLE, Nov. 20, 2017 /PRNewswire/ -- ClearSign
Combustion Corporation (NASDAQ: CLIR), an emerging leader in
industrial combustion technologies that reduce emissions and
improve efficiency, today announced the launch of ClearSign Asia,
LTD, Hong Kong, as well as receipt
of a Letter of Intent (LOI) from TG CITIC Environment Investment
Group (TG CITIC) which is a joint venture between Tangsteel and
CITIC. Tangsteel is one of the largest steel manufacturing
state-owned enterprises in China
was founded in 1943 and is headquartered in Tangshan, Hebei.
The CITIC portion of TG CITIC is CITIC Environment Investment
Group, a 100% owned subsidiary of CITIC Group Corporation, is
CITIC's premier investment platform focused on energy savings and
environmental protection technologies. The CITIC Group is
recognized as the largest conglomerate in China with business interests in virtually all
industrial and service segments in China including financial services,
engineering, contracting, infrastructure, manufacturing, IT, real
estate, and a range of other businesses.
The LOI from TG CITIC indicates their interest and intent in
investment in ClearSign Asia, LTD as well as assisting in
accelerating the marketing and promotion of ClearSign products for
the Chinese market. The parties expect to reach a definitive
agreement in 2018.
Based in Hong Kong, ClearSign
Asia, LTD will have exclusive rights in greater China and key markets in the Asia Pacific region to certain ClearSign
Combustion Corporation (USA)
intellectual property. ClearSign expects that ClearSign Asia, LTD
shall own and develop one or more Wholly Owned Foreign Entities
(WOFEs) within China. The WOFEs
are expected to develop the Chinese market for ClearSign solutions
and products through joint ventures (JV) with partners in specific
market segments. ClearSign expects TG CITIC to be a financial
partner in the WOFE(s) and bring their considerable expertise and
understanding of the market to bear on ClearSign's commercial
activities in China.
"It has always been our intention to form a strategic
partnership with a world class company that recognizes the benefits
of our revolutionary technologies and products," said ClearSign
Chairman and CEO Steve Pirnat. "The
fact that a division of the CITIC Group, one of the largest, most
innovative companies in the world, has expressed their desire to
partner and invest in ClearSign is a major milestone for our
company."
For more information about ClearSign visit:
www.clearsign.com.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products
and technologies for the purpose of improving key performance
characteristics of combustion systems, including emissions and
operational performance, energy efficiency and overall
cost-effectiveness. Our patented Duplex™, Duplex Plug & Play™
and Electrodynamic Combustion Control™ platform technologies
enhance the performance of combustion systems in a broad range of
markets, including the energy (upstream oil production and
down-stream refining), commercial/industrial boiler, chemical,
petrochemical, and power industries. For more information, please
visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on
historical fact are "forward-looking statements." While management
has based any forward-looking statements included in this press
release on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties and other
factors, many of which are outside of our control, which could
cause actual results to materially differ from such statements.
Such risks, uncertainties and other factors include, but are not
limited to, general business and economic conditions, the
performance of management and our employees, our ability to obtain
financing, competition, whether our technology will be accepted and
other factors identified in our Annual Report on Form 10-K filed
with the Securities & Exchange Commission and available at
www.sec.gov and other factors that are to be detailed in our
periodic and current reports available for review at www.sec.gov.
Furthermore, we operate in a competitive environment where new and
unanticipated risks may arise. Accordingly, investors should not
place any reliance on forward-looking statements as a prediction of
actual results. We disclaim any intention to, and undertake no
obligation to, update or revise forward-looking statements to
reflect events or circumstances that subsequently occur or of which
we hereafter become aware.
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SOURCE ClearSign Combustion Corporation