Aqua Metals to Receive Additional $3.4M Insurance Payments
April 14 2021 - 8:00AM
Aqua Metals, Inc. (NASDAQ: AQMS) ("Aqua Metals" or the "Company"),
which is reinventing metals recycling with its AquaRefining™
technology, today announced an initial payment towards its business
interruption insurance claim. A payment of approximately $1.4
million will be made from the third layer of insurance, completing
the total amount due from this insurance layer. An initial $2.0
million is also anticipated to come from the fourth and final
insurance layer. This layer has a payment range of up to $25
million. Future insurance proceeds from the business interruption
and property claims are anticipated based on current estimates and
calculations. The Company has now collected or secured a total of
$27.0 million of insurance proceeds related to the November 2019
fire event.
Aqua Metals also confirmed that ongoing
discussions with potential licensees and equipment supply partners
are advancing. Product development continues with the Company
currently operating two Aqualyzers simultaneously. Aqua Metals is
also continuing to make progress in research and development
related to applying AquaRefining technology to lithium-ion
recycling.
“We are pleased with the latest progress
payments from our insurance provider and the contribution it makes
to a strong financial position that allows us to continue to
operate in full on all fronts including business development,
R&D, and product development. We are also happy with the
commencement of our plant lease-to-buy agreement which allows us to
remain in the facility while continuing to operate and fine-tune
our AquaRefining technology during a transition phase with the
plant’s new occupant,” said Steve Cotton, President and CEO of Aqua
Metals. “Further, our discussions with potential AquaRefining
technology license partners have continued to progress. We are in
advanced discussions with several strong candidates regarding
AquaFit retrofits, greenfield builds, direct to oxide applications
and will keep the market updated this quarter with new
developments.”
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing
metals recycling with its patented hydrometallurgical AquaRefining™
technology. Unlike smelting, AquaRefining is a room temperature,
water-based process that emits less pollution. The modular
Aqualyzers™ cleanly generates ultra-pure metal one atom at a time,
closing the sustainability loop for the rapidly growing energy
storage economy. The Company’s offerings include equipment supply,
services, and licensing of the AquaRefining technology to recyclers
across the globe. 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 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 benefits of our new methodology for producing
battery manufacturing ready active material 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 be able to satisfactorily demonstrate to potential
licensees the technical and commercial viability of our V1.25
electrolyzer and AquaRefining process; (2) 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; (3) the risk that we may not realize the expected
economic benefits from any licenses we may enter into; (4) the risk
that we may not be able to access additional capital as and when
needed; and (5) those other risks disclosed in the section "Risk
Factors" included in our Annual Report on Form 10-K filed on
February 25, 2021 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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