H2O Innovation Signs a Major Water Purification Contract Worth CA$9.4 Million
October 30 2008 - 8:00AM
Marketwired
H2O Innovation (2000) Inc. ("H2O Innovation" or the "Company") (TSX
VENTURE: HEO)(ALTERNEXT:MNEMO:ALHEO), a Canadian company
specializing exclusively in water technology, has won a bid
launched by Petro-Canada Oil Sands Inc. ("PCOSI") on behalf of Fort
Hills Energy L.P. to build six water filtration units with a
combined treatment capacity of 3960 cubic meters per day. Using
clean technology, the membrane water filtration units will be
installed at the Fort Hills Mine currently being built in northern
Alberta, Canada. Amounting to CA$9.4 million this contract is the
biggest in H2O Innovation's history. It brings H2O Innovation's
sales backlog to CA$29 million.
First delivery in April 2009
H2O Innovation has been hired for its ability to:
- Manufacture made-to-order systems to precise customer
specifications
- Meet customer manufacturing and delivery deadlines.
The contract will draw upon resources at all Company offices in
Canada and the United States and will not require any additional
investment. Engineering and project management will be carried out
by the Calgary, Canada office, backed by the team in San Diego,
United States while the six units will be built at H2O Innovation's
two plants, one near Quebec City, Canada, the other in Minneapolis,
United States. The contract stipulates that the first two water
filtration units are to be delivered in April 2009, the next two in
summer 2009, and the last two in fall 2009.
The water filtration facilities at the Fort Hills Mine have a
projected lifespan of forty years. The H2O Innovation water
filtration units will provide drinking water to more than 6,000
workers at the site during the construction and operation
phases.
"We are extremely proud to have been awarded this contract for
the Fort Hills Oil Sands Project. This is a landmark assignment for
H2O Innovation and it brilliantly showcases the teamwork of our
engineering, manufacturing capacity, and ability to develop
made-to-order solutions. The contract also illustrates our business
development potential and our organic growth capabilities," stated
President and CEO Frederic Dugre.
Fort Hills Energy L.P. is the owner of the Fort Hills Oil Sands
Project which includes the Fort Hills Mine and the proposed
Sturgeon Upgrader. Fort Hills Energy L.P. is comprised of three
limited partners: Petro-Canada, UTS Energy Corporation and Teck
Cominco Limited, as well as, general partner Fort Hills Energy
Corporation. Petro-Canada Oil Sands Inc., a wholly owned subsidiary
of Petro-Canada is the contract operator of the Fort Hills Oil
Sands Project.
The new H2O Innovation dimension is beginning to bear fruit
In the water sector, reputation is built on references, and H2O
Innovation continues to build a solid and lasting reputation The
Company has built a sound foundation-notably through
acquisitions-of solid references (over 400 systems installed to
date in North America) and recognized technological, engineering,
manufacturing know-how, and a strong track record for on-time
delivery. H2O Innovation has the human capabilities (staff of over
100) and material resources (two manufacturing plants) to complete
present and future projects.
About H2O Innovation
H2O Innovation's mission is to design, develop, produce and
integrate state-of-the-art, environmental friendly products
dedicated to the production of drinking water, the treatment of
wastewater and industrial processed water, and the reclamation of
water.
Prospective disclosures
This press release may contain prospective disclosures
representing current expectations of H2O Innovation and are subject
to certain risks and uncertainties. H2O Innovation rejects any
obligation to revise or update the prospective disclosures
contained in this press release.
The TSX Venture Exchange and the Alternext Exchange assume no
responsibility for the relevance or accuracy of this press
release.
Contacts: Source: H2O Innovation (2000) Inc.
www.h2oinnovation.com Investors Stephen Gauthier, CFA Senior
Vice-President, Corporate Finance & Investor Relations
514-515-9930 sgauthier@h2oinnovation.com Media Guillaume Ducharme
Director of Communications 418-688-0170
gducharme@h2oinnovation.com
H2O Innovation (TSXV:HEO)
Historical Stock Chart
From Jun 2024 to Jul 2024
H2O Innovation (TSXV:HEO)
Historical Stock Chart
From Jul 2023 to Jul 2024