TORONTO, ONTARIO--(Marketwired - Sept. 7, 2016) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.
CHAR Technologies Ltd. (the "Corporation") (TSX VENTURE:YES) is pleased to announce the signing of a Memorandum of Understanding (the "MOU") with Sulfatech Chile SpA ("Sulfatech") pursuant to which the Corporation and Sulfatech have agreed to establish a joint venture in Chile pursuant to which Sulfatech will produce "SulfaCHAR", the Corporation's principal product, under license from the Corporation, and will engage in the sales and distribution of SulfaCHAR to the Chilean market.
"This is a fantastic opportunity to introduce SulfaCHAR into Chile as our first step into the South American market" said Andrew White, CEO of the Corporation. "Sulfatech has on the ground experience, and will be able to rapidly deploy the SulfaCHAR technology to capitalize on the emerging Chilean renewable natural gas market".
"We are excited about bringing this product to the local market" said Raul Salas, CEO of Sulfatech, who will also be the newly appointed CEO of the Chilean joint venture company. "We consider SulfaCHAR the most innovative technology in this sector. The trend is towards a circular economy. We are converting organic waste to a cleaning agent, which through the cleaning process is converted to an organic fertilizer. This business model allows all parties to benefit in a sustainable way. This is the new economy and we are excited to be part of it".
With the MOU in place, the Corporation and Sulfatech will finalize joint venture and license agreements, while completing demonstrations of SulfaCHAR at select customer sites in Chile.
The Corporation is in the business of producing a proprietary activated charcoal like material (SulfaCHAR), which can be used to removed hydrogen sulfide from various gas streams (focusing on methane-rich and odorous air). The SulfaCHAR, once used for the gas cleaning application, has further use as a sulfur-enriched biochar for agricultural purposes (saleable soil amendment product).
Neither the 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.
The forward-looking statements set out in this news release contain "forward-looking information" for the purposes of Canadian securities laws. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the entering inot a joint venture and anticipated future business arrangements. Forward-looking statements are based upon the opinions and expectations of management of the Corporation as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, the Corporation cannot give any assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Corporation's Filing Statement under the heading "Risk Factors", a copy of which is filed on SEDAR at www.SEDAR.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Corporation does not intend, or assume any obligation, to update these forward-looking statements.