Aqua Metals Receives First $2.5M Insurance Payment from Layer 3, Increasing Total Collections to $15.0M to Date
May 19 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 $15,000,000 paid to date. Of the
total insurance proceeds distributed, $10,125,000 has been paid to
Aqua Metals and the balance of $4,875,000 has been allocated to the
retirement of the Veritex Bank loan.
With this payment, Layer 3 has now paid out
$2,500,000 of the total Layer 3 coverage amount of $12,500,000.
Layer 4, for which the Company has already submitted property plus
casualty and business interruption claims, accounts for the
remaining $25,000,000 of the potential $50,000,000 of total
collections.
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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