SOURCE: LiqTech International
BALLERUP, DENMARK--(Marketwire - Jun 25, 2012) - LiqTech International, Inc. (OTCQX: LIQT) (PINKSHEETS: LIQT) ("LiqTech") (the "Company"), announced today that it has satisfied an outstanding related party debt obligation which was originally incurred in connection with the Company's acquisition of certain partially owned subsidiaries in August 2011.
In June and July 2011, the Company's subsidiary LiqTech USA, Inc. ("LiqTech USA") acquired all of the outstanding equity interests in LiqTech A/S ("LiqTech Denmark"), LiqTech Denmark International A/S and LiqTech NA, Inc. in exchange for cash, shares of LiqTech USA's common stock and the issuance of a promissory note in the principal amount of DKK 19,500,000 (the "Note") ($3,467,750 USD) to the related party holders of those equity interests. The Note was personally guaranteed by Mr. David N. Nemelka, a shareholder of the Company, and secured by 2,700,000 shares of the Company's common stock owned by Mr. Nemelka (the "Shares").
On June 25, 2012 Mr. Nemelka has paid the Note receivable to the Company. This transaction will increase the Company's equity by USD $3,467,750 based on March 31, 2012 financial statements.
ABOUT LIQTECH INTERNATIONAL, INC.
LiqTech International, Inc., a Nevada corporation, is a clean technology company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly, highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. It also manufactures kiln furniture. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology. LiqTech's products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. For more information, please visit www.liqtech.com.
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.