Pacific Green Executes Agreements Totalling an Estimated $42.4m to Supply Its ENVI-Marine System for 28 Vessels Owned or Mana...
December 04 2018 - 8:03AM
Pacific Green Technologies Inc. (PGTK) (OTCQB: PGTK), owner of the
ENVI-Marine™ Exhaust Gas Scrubbing System
(
System), is pleased to announce that its wholly
owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT),
has executed an agreement to manufacture its System for 28 vessels
owned or managed by SCORPIO BULKERS INC. (NYSE: SALT)
(
Agreements).
The Agreements provide for 18 vessels in 2019
and 10 vessels in 2020. Pricing is based on the size of each
vessel’s exhaust gas emissions in accordance with PGTK’s Pricing
Curve concept. The Agreements are currently estimated to have
a total value of USD$42.4m subject to further engineering
studies.
In addition to the Agreements, PGMT and SCORPIO
BULKERS INC. have executed a Framework Agreement whereby SCORPIO
BULKERS INC. can elect for PGMT to design and engineer the System
for up to a further 18 vessels in 2020 subject to certain criteria
being met.
PGTK’s partner, PowerChina SPEM Company Limited,
will work alongside PGMT to ensure the successful execution of the
project.
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on
addressing the world's need for cleaner and more sustainable
energy. The company's strategy is to build through organic
development and acquisition, a portfolio of patented competitive
cutting-edge technologies designed to meet increasingly stringent
environmental standards.
For more information, visit PGT's website:
www.pacificgreentechnologies.com
About SCORPIO BULKERS INC.
SCORPIO BULKERS INC. is a provider of marine
transportation of dry bulk commodities. SCORPIO BULKERS INC.
has an operating fleet of 57 vessels consisting of 56 wholly‐owned
or finance leased drybulk vessels (including 19 Kamsarmax vessels
and 37 Ultramax vessels), and one time chartered-in Ultramax
vessel. The owned and finance leased fleet of SCORPIO BULKERS INC.
has a total carrying capacity of approximately 3.9 million dwt and
all of the SCORPIO BULKERS INC. owned vessels have carrying
capacities of greater than 60,000 dwt. Additional information about
SCORPIO BULKERS INC. is available on the website of SCORPIO BULKERS
INC.
http://www.scorpiobulkers.com/
About POWERCHINA SPEM Co. Ltd
POWERCHINA SPEM is a subsidiary of POWERCHINA,
the largest power equipment manufacturer in the PRC and owned by
the Chinese Government. With abundant resources, expertise, strong
manufacturing capacity, domestic sales channels and rich
experience, POWERCHINA SPEM is in a strong position to deploy PGTK
technology throughout China.
Notice Regarding Forward-Looking
Statements:
This news release contains "forward-looking
statements," as that term is defined in Section 27A of the United
States Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this news release which are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, that PGT's emission control system has
significant potential to be a market leader in China.
Actual results could differ from those projected
in any forward-looking statements due to numerous factors. Such
factors include, among others, general economic conditions, and the
continuation of the JV with POWERCHINA SPEM resulting in definitive
agreements. These forward-looking statements are made as of the
date of this news release, and we assume no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that the beliefs, plans,
expectations and intentions contained in this news release are
reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all the information set forth herein and should also
refer to the risk factors disclosure outlined in our annual report
on Form 10-K for the most recent fiscal year, our quarterly reports
on Form 10-Q and other periodic reports filed from time-to-time
with the Securities and Exchange Commission.
Contact:
Scott Poulter, Executive Director
Pacific Green Technologies
T: +1 (408) 538-3373
Investor Relations, Catalyst IR
pgtk@catalyst-ir.com
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