QUEBEC CITY, QUEBEC--(Marketwire - Dec. 21, 2011) - H2O Innovation Inc. ("H2O Innovation" or the "Company") (TSX VENTURE:HEO)(ALTERNEXT:MNEMO:ALHEO) announces today that it was recently awarded new contracts totalling $4.7 million. These contracts will see H2O Innovation provide custom-built membrane filtration water treatment systems and equipment to industrial end-users in the United States and Canada, and, to a lesser extent, to municipal end-users. These contracts bring H2O Innovation's equipment sales backlog to $30.6 million as of December 21, 2011.
"These new contracts keep our backlog above the $30 million mark and will contribute to drive revenues in the coming quarters as we execute the numerous projects in our backlog. Sales opportunities in the mining and energy sectors continue to abound, from North America and abroad. In these industrial markets our sales team can rely on proven expertise, a long track record and a solid reference list to successfully secure new contracts from some of the most respected energy and mining companies", stated Frédéric Dugré, President and CEO of H2O Innovation.
As part of the contracts announced today, H2O Innovation will design, fabricate, and deliver reverse osmosis membrane filtration systems or equipment to Canadian and U.S. industrial end-users in the mining, energy and power generation sectors. The North American mining and energy sectors - including power generation, oil & gas and ethanol sub-sectors - are key markets targeted by H2O Innovation for the sale of membrane-based water treatment systems, along with the North American municipal market.
One of the contracts announced today will see H2O Innovation deliver a 1.15 MGD two-train reverse osmosis system for the production of process water at a textile plant for a repeat customer. For a public utility company based in the U.S. Mid-West, H2O Innovation will build a double-pass reverse osmosis system followed by electrodeionization (EDI) and mixed bed polisher for boiler make-up water production.
Another contract will see H2O Innovation build and deliver a system to municipal end-user, the Municipality of Sainte-Hélène de Bagot in Quebec, for which the Company will manufacture a nanofiltration membrane system for the production of drinking water from underground sources.
All projects announced today will be manufactured in the Company's two North American plants, in Ham-Nord, Quebec and Minneapolis, Minnesota.
The Company's sales backlog is comprised entirely of systems and equipment sales and does not include sales of specialty chemicals and consumables, nor does it include the sales backlog of the Company's Indian joint venture H2O Innovation India.
Prospective disclosures
Certain statements set forth in this press release regarding the operations and the activities of H2O Innovation as well as other communications by the Company to the public that describe more generally management objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results and the estimate of amounts that cannot yet be yet determined. Forward-looking statements include the use of the words "expect", "believe", "estimate" and other similar terms as well as those usually used in the future and the conditional, notably regarding certain assumptions as to the success of a venture. Those forward-looking statements involve a number of risks and uncertainties, which may result in actual and future results of the Company to be materially different than those indicated. Information about the risk factors to which the Company is exposed is provided in the Annual Information Form dated September 28, 2011 available on SEDAR (www.sedar.com). Unless required to do so pursuant to applicable securities legislation, H2O Innovation assumes no obligation to update or revise forward-looking statements contained in this press release or in other communications as a result of new information, future events and other changes.
About H2O Innovation
Building on 11 years of experience, H2O Innovation designs, manufactures, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water and industrial process water, the reclamation and reuse of water, and the treatment of wastewater in the municipal, commercial, institutional, industrial, oil & gas, mining, and energy markets. The Company also offers operating and maintenance solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 100 employees, seven offices including three manufacturing plants in Canada and the United States and is a founding partner of H2O Innovation India, a joint venture based in Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) and on the NYSE Euronext Alternext Exchange (MNEMO:ALHEO). For more, visit www.h2oinnovation.com.
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.
Contact Information:
Guillaume Ducharme
+1 418-928-0234
guillaume.ducharme@h2oinnovation.com
www.h2oinnovation.com