SOURCE: Harmonic Energy Inc.
LONDON--(Marketwire - Apr 1, 2013) - Harmonic Energy Inc. (OTCQB: ASUV) is a company focused on vertically integrated tyre manufacturing and recycling using an innovative approach to energy efficiency and sustainability. Harmonic is pleased to announce that it has short listed several highly qualified engineering firms as potential partners for the development and construction of its tyre projects in North America and Europe.
"Since taking over Harmonic just 15 months ago, the company has made significant strides towards fulfilling its corporate goals and objectives. We want to assure our shareholders that our business plan is on schedule and we are progressing very well with financiers," said Jamie Mann, CEO of Harmonic Energy. "We have smoothly transitioned ASUV out of the oil and gas industry and we believe in a very short period of time have transformed the company into a forward-thinking, cutting-edge tyre technology company that has a highly scalable, advanced tyre technology platform." Unlike other companies in our sector, Harmonic is focused purely on a single application, vertically integrated tyre manufacturing and recycling, using the most efficient practices and best available technologies. We firmly believe this platform delivers better and higher value end products with much lower costs allowing the company to thrive without the need for recycling subsidies. Based on these efforts, research and commercial installations we believe our technology approach and solutions platform offers the most profitable closed loop tyre recycling solution on the market today.
The discussion with several engineering, procurement, construction management firms has begun and the company is focused on working with those firms that are interested in developing a long term relationship so that Harmonic can reutilize the skill sets applied and used on each project. By doing so, follow on projects will benefit from significantly reduced costs and faster project development timelines. By reducing costs and timelines we can aggressively achieve greater success and complete more projects in less time and build more value for our company and its shareholders. Harmonic has the intent to build many projects over the next few years and believes the engineering and construction relationship is a critical part of our on-going business.
Harmonic's proven technology platform operates in a continuous and fully automated batch system which is uniquely able to process whole tyres unlike other technologies that require tyres to be shredded prior to being recycled which adds significant cost advantages for ASUV. Harmonic's planned flagship facilities will each recycle in excess of 150 tons of tyres per day, and will house a tyre remanufacturing plant for the reconstruction of approximately 1 million new tyres using quality brand name casings. The facilities will feature an integrated pyrolysis and gasification system that reduces the unusable tyre casings into approximately 10,000 tons of purified and refined nano carbon, 14,000 tons diesel oil and 3,300 tons steel with surplus electrical energy of approximately 3.0 MWe being utilized on site or exported to the local grid.
Jamie Mann said, "After much positioning, negotiating and due diligence on tyre technologies and the waste tyre industry, ASUV is pleased that the business plan is progressing and that discussions on engineering and equipment tendering has begun; we are talking to some of the brightest and most experienced companies in their sector." Harmonic has already developed a pipeline of follow on projects for a world-wide roll out. Harmonic's CEO adds, "Ten of our facilities would still only be able to process one percent of the world's scrap tyres, that's how big the problem (and the potential) is!"
Tyres are a highly problematic waste stream for all countries to contend with and current management solutions are either wasteful (monofill), over supplied (tyre chip and rubber crumb) or emission heavy (TDF for the cement and paper industry). The latter is about to be severely restricted in the US by newly proposed EPA regulations changing the waste status of TDF and demanding much greater emission controls. With landfill and incineration banned in the UK as in the rest of Europe there is insufficient domestic capacity in either the US or UK to deal with the 400,000,000 scrap tyres they collectively produce on an annual basis. Harmonic is solely focused on scrap tyres as a feedstock due to the attractive returns achievable and the significant volumes of waste tyres available.
ASUV believes that its vertically integrated tyre manufacturing and recycling systems hold the key to a profitable, sustainable market for the growth of a greener tyre manufacturing sector. ASUV plans to compete alongside major international corporations striving for more sustainable tyre manufacturing solutions and commodities, such as Titan International Inc, Continental AG, and Bridgestone Corporation.
About Harmonic Energy Inc.
Harmonic is a company that focuses on a comprehensive solution to the disposition of scrap tyres worldwide. Harmonic's plans include the utilization of proven technologies that ensure each scrap tyre is either remanufactured and put back on the road as a new tyre or is completely recycled and reduced into marketable chemical commodity products. Both the tyre remanufacturing and carbonization technologies that will be utilized by Harmonic are commercially proven and have viable operating commercial facilities.
Harmonic plans to be the first company to integrate these two technologies to provide a comprehensive 'closed-loop' solution for the management of scrap tyres. By design, Harmonic plans to offer a solution that replicates nature's intentions by developing symbiosis between waste, energy supply and sustainable growth. For more information please visit ASUV's website ~ www.harmonicenergyinc.com.
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to Section 27(a) of the Securities Act 1933 and Section 21(e) of the Securities Exchange Act 1934, as amended and are intended to be covered by the safe harbor created by such sections respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Harmonic Energy Inc and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein. Harmonic Energy Inc will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, commodity prices and production volatility, global economic conditions, currency fluctuations, increased production costs from those assumed in resource recovery plans and results, political, operational and project development risks, including the Company's ability to obtain required permits to commence production and its ability to raise required financing, adverse governmental regulation and judicial outcomes. The closing of planned financial transactions and obtaining bank financing are subject to a number of conditions precedents that may not be fulfilled. The bank financing and subordinated loans are subject to final negotiation and satisfaction of conditions precedent. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.