Aqua Metals Receives Additional $2.5M Insurance Payment, a Total of $12.5M to Date
May 04 2020 - 8:00AM
Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”),
which is reinventing lead recycling with its AquaRefining™
technology, announced it has received an additional $2,500,000
insurance payment for a total of $12,500,000 paid to date. Of the
total insurance proceeds distributed, $8,625,000 has been paid to
Aqua Metals and the balance of $3,875,000 has been allocated to the
retirement of the Veritex Bank loan.
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 battery 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, Nevada. 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", "estimates”, "potential“ and variations of
such words or similar expressions that that convey uncertainty of
future events or outcomes, or that do not relate to historical
matters. The forward looking statements in this press release
include our expectations for the receipt of insurance
proceeds from our claims relating to the November 2019 fire at our
TRIC facility; the success of our accelerated licensing strategy;
and the future of lead acid battery recycling via traditional
smelters. 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)
the risk that we may not receive payments from our insurance
carriers in amounts sufficient to compensate us for our
losses; (2) the risk that our insurance recovery and proceeds from
the sale of legacy assets will not be sufficient to fund our
accelerated licensing strategy; (3) the risk that we may not be
able to satisfactorily demonstrate to potential licensees the
technical and commercial viability of our AquaRefining process; (4)
the risk that licensees may refuse or be slow to adopt our
AquaRefining process as an alternative to smelting in spite of the
perceived benefits of AquaRefining; (5) the risk that we may not
realize the expected economic benefits from any licenses we may
enter into; (6) the risk that we will have to engage in additional
sales of our equity securities in order to fund our future
operations; (7) the risk that further funding, by any means, may
not be available at all; (8) the risk that our common stock may be
delisted from the Nasdaq Capital Market due to our inability to
regain compliance with Nasdaq’s+ minimum bid price requirement; (9)
the fact that we only recently commenced production of AquaRefined
lead and have not generated any significant revenue from the sale
of AquaRefined lead to date, thus subjecting us to all of the risks
inherent in an early-stage company; (10) the risk that our patents
and any other patents that may be issued to it may be challenged,
invalidated, or circumvented; (11) the risk that we may not realize
the expected benefits of our relationship with Veolia; (12) the
risk that we may not be able to successfully conclude our proposed
joint development agreement with Clarios or, if we do, realize the
expected benefits of such agreement; (13) changes in the federal,
state and foreign laws regulating the recycling of lead acid
batteries; (14) our ability to protect our proprietary technology,
trade secrets and know-how and (15) those other risks disclosed in
the section "Risk Factors" included in our Annual Report on Form
10-K filed on March 11, 2020 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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