Questor Technology Inc.
TSX VENTURE : QST

Questor Technology Inc.

March 05, 2015 13:14 ET

Canadian Federal Government Invests $1.98 Million in Questor's "Heatquest" Waste Gas to Power Project Through Scientific Development Technology Canada (SDTC)

CALGARY, ALBERTA--(Marketwired - March 5, 2015) -

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Questor Technology Inc. ("Questor" or the "Company") (TSX VENTURE:QST) announced today it has been selected to receive a $1.98 million investment from Sustainable Development Technology Canada (SDTC). This funding for Questor's "HeatQuest" project will be used to further develop the technology that captures waste heat from incinerators and other heat sources, and turns it into electricity. The funding will also assist with the construction of a demonstration project at an oil and gas producer's facility near Calgary.

Demonstration and commercialization of this technology will create a significant market opportunity for Questor domestically and internationally. Over 14 billion cubic feet of gas is flared daily worldwide. Additionally there are numerous sources of waste heat that can be converted to power with this technology.

The generation of power, apart from providing a convenience and economic benefit for the end-user, will contribute to a reduction in Green House Gas (GHG) emissions. Electricity that would otherwise be generated through the consumption of a non-renewable resource will be generated from waste heat. The opportunities created by this technology are not limited to oil and gas but expand our solutions to other industries including landfills, biodigesters and exhaust stacks. Many jurisdictions treat this power as green energy with similar incentives as those for solar and wind power. Extracting heat energy that is presently wasted and generating power from it will be viewed as a commodity, and certainly in remote locations where there is little or no infrastructure. The benefits will be positive for the environment and also favourably viewed by residents as it becomes increasingly more difficult for industry to gain social licenses for their activities.

"Our government is positioning Canada as a global leader in the clean technology sector by supporting innovative projects aimed at growing our economy while contributing to a cleaner environment" said Minister Uppal. "We are proud to invest in these innovative companies, and the projects announced today will create jobs for Albertans and continue to place Canada at the forefront of the clean tech industry."

"The projects announced today are great examples of the Canadian clean tech initiatives and true entrepreneurship that drive SDTC's portfolio," said Jane Pagel, Acting CEO of SDTC. "By supporting these innovative technologies, SDTC is investing in efficiency and environmental performance - which translates into a cleaner environment. We look forward to working with these companies to get their products to market successfully."

"Questor is very pleased and grateful for the $1.98MM support provided by the Government of Canada through SDTC to develop, demonstrate and commercialize our waste heat to power technology and this funding will be a key factor in the success and the acceleration of that initiative. This technology has the potential to have a significant impact on air quality, energy efficiency and sustainability world-wide while reducing GHG's at a cost of less than $3/tonne of CO2 equivalent," said Ms Audrey Mascarenhas, Questor's President and CEO.

The SDTC Contribution will be disbursed in installments over time, each upon the achievement of various project milestones.

Additional information is available on our website at www.questortech.com and www.clearpowersystems.com.

ABOUT QUESTOR TECHNOLOGY INC.

Questor is an international environmental oilfield services provider founded in late 1994 and headquartered in Calgary, Alberta, Canada with a field office located in Grande Prairie, Alberta. The Company is focused on clean air technologies with activities in Canada, the United States, Europe and Asia. Questor designs and manufactures high combustion efficiency waste gas incinerators for sale or for use on a rental basis and also provides combustion-related oilfield services. The Company's proprietary incinerator technology destroys noxious or toxic hydrocarbon gases which enables regulatory compliance, environmental protection, public confidence and reduced operating costs for customers. Questor is recognized for its particular expertise in the combustion of sour gas (H2S). The technology creates an opportunity to utilize the heat generated from efficient combustion which can be been used for water vaporization, process heat and power generation, through ClearPower Solutions (a subsidiary of Questor). While Questor's current customer base operates primarily in the crude oil and natural gas industry, the Company's combustion technology is applicable to other industries such as landfills, water and sewage treatment, tire recycling and agriculture.

Questor trades on the TSX Venture Exchange under the symbol "QST".

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Questor Technology Inc.
    Audrey Mascarenhas
    President and Chief Executive Officer
    (403) 571-1530
    (403) 571-1539 (FAX)
    amascarenhas@questortech.com