H2O Innovation Signs Industrial Process Water Contracts Totalling CAN$5 Million
April 27 2009 - 8:00AM
Marketwired
H2O Innovation Inc. ("H2O Innovation" or the "Company") (TSX
VENTURE: HEO)(ALTERNEXT: MNEMO:ALHEO) announces it has signed
several contracts to design and manufacture industrial process
water treatment systems. These contracts totaling CAN$5 million
bring the Company's sales backlog to CAN$27.3 million and further
demonstrate H2O Innovation's expertise in developing high-tech
industrial process water treatment systems.
Contract for a power generation station
TIC-The Industrial Company has awarded a contract to H2O
Innovation for the design, fabrication and supply of a water
treatment system for a power plant. The scope of work includes the
supply of three fifty percent capacity trains comprising
double-pass reverse osmosis system including pre-treatment system.
The proposed system will provide high purity water for combustion
turbines and for make up water to the combustion turbine intake air
evaporative coolers.
First industrial contract in the energy sector in Egypt
An important Egyptian energy company has awarded a contract to
H2O Innovation to design, manufacture and deliver a water
desalination and demineralization system for the production of high
purity industrial process water as well as drinking water. The
desalination package consists of double pass reverse osmosis trains
followed by cation/anion/mixed bed ion-exchange system. The
contract will be executed on a fast-track basis to meet the
client's expedited delivery requirement. This is the Company's
first sizable industrial contract in the energy sector in
Egypt.
Contracts in the U.S. Midwest
The Company has also been awarded three additional contracts to
design, manufacture and deliver reverse osmosis systems for the
production of industrial process water to companies in the energy
and consumer staples sectors in the U.S. Midwest. These systems, of
various capacities, will be delivered to new and repeat customers
of H2O Innovation.
"The awarding of these contracts results from H2O Innovation's
solid track record in delivering high-tech process water treatment
solutions and from our experience in manufacturing highly efficient
double-pass reverse-osmosis systems for industrial applications. It
also illustrates the success of H2O Innovation's market
diversification between the municipal, commercial and industrial
markets. Winning a sizeable industrial contract from an energy
company in Egypt is a welcomed first for H2O Innovation. Access to
water is a pressing development issue for people and businesses in
the entire Middle East region, and our membrane filtration
technologies are ideally suited for this fast growing market"
stated Frederic Dugrï¿1/2, President and CEO.
Increased bonding capacity
On an operational level, the Company announces that its bonding
capacity has been increased from CAN$10 million to CAN$30 million.
This change does not require an increase to collateral guaranties.
The Company's bonding capacity enables it to insure its work during
the construction and delivery phases of a project when such bonding
coverage is requested by contract.
"This additional capacity could not have been obtained without
our long standing high level of performance in project execution
and a sound financial health. It will enable H2O Innovation to
continue its growth and work on projects of ever greater size"
concluded Frederic Dugrï¿1/2.
Prospective disclosures
This press release may contain prospective disclosures
representing current expectations of H2O Innovation and are subject
to certain risks and uncertainties. For details of these risks and
uncertainties please refer to the Company's Annual Information Form
dated September 26, 2008 available on SEDAR (www.sedar.com). H2O
Innovation rejects any obligation to revise or update the
prospective disclosures contained in this press release.
About H2O Innovation
Exclusively dedicated to water treatment, H2O Innovation is
establishing itself as a key player in sustainable development and
the field of clean technologies. H2O Innovation designs, develops,
produces and integrates state-of-the-art water treatment systems
for the production of drinking water, the treatment of wastewater
and industrial processed water in the municipal, commercial,
pharmaceutical, industrial, mining, and energy markets. H2O
Innovation has approximately 100 employees and eight offices
including two manufacturing and assembly plants in Canada and the
United States. Shares of H2O Innovation are listed on the TSX
Venture Exchange (HEO) as well as on the Alternext Exchange (MNEMO:
ALHEO).
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor the Alternext Exchange accepts responsibility
for the adequacy or accuracy of this release.
Contacts: H2O Innovation Inc. Guillaume Ducharme 418-928-0234
guillaume.ducharme@h2oinnovation.com www.h2oinnovation.com
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