Questor Technology Inc.
TSX VENTURE : QST

Questor Technology Inc.

October 23, 2013 07:15 ET

Questor Technology Inc. Announces Signed Purchase Orders for 17 Incinerators

CALGARY, ALBERTA--(Marketwired - Oct. 23, 2013) -

THIS DOCUMENT IS NOT INTENDED FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES.

Questor Technology Inc. ("Questor" or the "Company") (TSX VENTURE:QST) is pleased to announce it has received purchase orders for eight incinerators of various sizes from a major crude oil and natural gas producer headquartered in Calgary, Alberta and for nine incinerators of various sizes from Dominion Transmission Inc. (Dominion), operator of one of the largest underground natural gas storage systems in the United States, headquartered in Richmond, Virginia. The values of the orders are $1.5MM and $1.1MM respectively and the majority of the incinerators in both orders are expected to be delivered in the fourth quarter of 2013. Although each transaction individually is not considered material, in combination with the Company's performance in the first half these orders will contribute to strong 2013 financial results for Questor.

Once delivered to the customer, the eight incinerators will be deployed in a well tie-in project in the oil sands to incinerate waste gas. Dominion will deploy the nine units to combust waste gas from dehydration units on several of their sites in Pennsylvania and West Virginia.

"Questor's incineration technology addresses the problematic global issues associated with flaring." said Audrey Mascarenhas, Questor's President and Chief Executive officer. "We are assisting our clients with regulatory compliance and environmental performance thereby helping them obtain the social license to operate. Our technology delivers a 99.99% destruction/combustion efficiency of waste hydrocarbon gas eliminating the impurities that would be released into the air through inefficient combustion from flaring."

Flaring has become a significant issue with respect to air quality in many areas in Canada and the United States due to the tremendous growth in crude oil production resulting from the practice called fracking which releases more of the crude oil and natural gas contained within tight formations.

ABOUT QUESTOR TECHNOLOGY INC.

Questor is an international environmental oilfield service company 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 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 at 99.99% which ensures regulatory compliance, environmental protection, public confidence and reduced operating costs for customers. The technology creates an opportunity to utilize the heat generated from efficient combustion. Questor is recognized for its particular expertise in the combustion of sour gas (H2S). While the Company's current customer base operates primarily in the oil and gas industry, this 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