Aqua Metals Receives 1st Insurance Reimbursement of $2.5M AquaRefinery Released By Fire Marshal
December 27 2019 - 8:00AM
Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”),
which is reinventing lead recycling with its AquaRefining™
technology, today announced that it has received a first
installment bank wire of $2.5M from its insurance carrier for
damages suffered as a result of the November 29th fire. In
addition, now that the on site investigation and data collection
process has been completed by the local Fire Marshal, the
AquaRefinery has been released back to the Company. The full plant
access will allow the Company, along with its recently retained
public adjuster to complete a comprehensive damage assessment
necessary for a comprehensive insurance claim.
Company management, working with the public
adjuster has already made significant progress in standard forensic
accounting in order to document the losses. As this process
unfolds in the coming weeks, the Company expects its insurance
carrier to make additional tranche payments. These ongoing
payments will help sustain the balance sheet until the full claim
for losses is submitted and processed.
“This first tranche of reimbursement is an
important step towards our efforts to collect reimbursements for
the total damages,” stated Steve Cotton, President and
CEO. “With access to the key affected areas of the
building, we can complete the process of determining the full
extent of the damage, gaining a deeper grasp of the losses caused
by this event while working with our partners and contractors to
press the recovery forward as rapidly as possible,” concluded Mr.
Cotton.
In order to preserve cash and protect the long
term strength of the business, the Compensation Committee of the
Board has determined that all officers and employees receiving
annual performance compensation are to be paid in shares rather
than cash.
As additional material tranches of insurance
payments are received and future material developments regarding
the fire and recovery occur, the Company will endeavor to promptly
communicate this information to shareholders.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing
lead recycling with its patented AquaRefining™ technology. Unlike
smelting, AquaRefining is a room temperature, water-based process
that emits less pollution. The modular systems are intended to
allow the Company to vastly reduce environmental impact and scale
lead acid recycling production capacity by licensing the
AquaRefining technology to partners. This could help to meet
growing demand for lead to power new applications including
stop/start automobile batteries which complement the vehicle’s main
battery, lead acid batteries which are in electric vehicles,
Internet data centers, alternative energy applications including
solar, wind, and grid scale storage. Aqua Metals is based in
McCarran, NV, and has built its first recycling facility in
Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit
www.aquametals.com.
Safe Harbor
This press release contains forward-looking
statements concerning Aqua Metals, Inc. Forward-looking
statements include, but are not limited to our plans, objectives,
expectations and intentions and other statements that contain words
such as “expects,” “contemplates,” “anticipates,” “plans,”
“intends,” “believes” and variations of such words or similar
expressions that predict or indicate future events or trends, or
that do not relate to historical matters. The forward-looking
statements in this release include expectations for the Company’s
provision of further updates, ability to recover from the fire
damage incurred at the TRIC facility and resume lead recycling
operations, and the availability of insurance to fund some or all
of the recovery and related costs. Those forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially. Among those
factors are: (1) our ability to provide further updates is
dependent in large part on the completion of the fire investigation
and our discussions with our insurers, (2) the risk that the
damages and costs relating to the fire at TRIC are substantially
greater than estimated as of the date of this release, (3) the risk
that the Company’s insurance policies may not cover all or a
significant amount of the cost of restoring TRIC to its pre-fire
state and resuming operations, (4) the risk that the Company may
not otherwise be able to fund the restoration of TRIC to its
pre-fire state and resume operations in the event that insurance
proceeds are unavailable or and (5) those other risks disclosed in
the section “Risk Factors” included in the Company’s Quarterly
Report on Form 10-Q filed on November 12, 2019 and subsequent SEC
filings. Aqua Metals cautions readers not to place undue reliance
on any forward-looking statements. The Company does not undertake,
and specifically disclaims any obligation, to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur, except as required by law.
Contact: Glen Akselrod, Bristol Capital(905)
326-1888, Ext. 1glen@bristolir.com
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