SOURCE: SET Corp

SET Corp

September 02, 2010 08:42 ET

SET Corp Acquires Patented Quad Generation Technology and 15% Interest in WES Holdings of Australia

BRISBANE, AUSTRALIA and UPLAND, CA--(Marketwire - September 2, 2010) - SET Corp (OTCBB: RGBL) through its wholly owned subsidiary SET IP Holdings, on August 27, 2010 acquired a 15% interest in World Environmental Solutions Pty Ltd (WES Pty Ltd) of Brisbane, Australia, and acquired WES Pty Ltd's patents for the "Quad Generation" technology behind the commercial MultiGen and the domestic Never Dry "air to water" generators

Unlike common Co-gen & Tri-gen systems, the MultiGen system can be retrofitted to existing buildings or incorporated into existing cooling towers. This sustainable technology can be utilized to decrease load demands on the electric grid, generate cheaper electricity, increase the environmental efficiency/rating of older buildings, reduce a company's carbon footprint or provide supplemental air conditioning and heating. 

In addition to the energy benefits of the Quad Generation technology, it is capable of producing thousands of liters of water from the air. This water can be utilized to supplement cooling towers, landscaping or, if purified further by local municipalities, as drinking water for local communities. The Quad Generation technology is in high demand in developing countries where water supplies are incapable of meeting local demand. The MultiGen and Never Dry generators utilize natural gas, which has the lowest carbon footprint of all fossil fuels. 

SET Corp Expands Presence in Australia
SET Corp's 15% interest in WES Pty Ltd is valued at over US$2.5 million and will expand SET Corp's position in the Australian coal seam gas (CSG) produced water market. The growth of the CSG industry has greatly increased the demand for expertise and technology related to the processing of CSG produced water. While the U.S. economy is facing the possibilities of a double dip recession, senior economists have stated that Australia is well on its way to enjoying more than 20 consecutive years of economic growth. 

"Demand in Australia for SET Corp's processing and injection well technology is growing at rates far faster than anything seen in the U.S.," said Mr. Keith Morlock, President of SET IP Holdings. "Our partnership with WES and the appointment of SET Corp Chairman Mr. Grant King to oversee this program will provide SET Corp with a physical presence in Australia, while increasing our ability to more readily meet the needs of our Australian customers."

Coal Seam Gas and the Australian Economy
Unlike the U.S. markets that have suffered from unstable and declining gas prices, CSG operators in Australia have secured long-term contracts with overseas customers. Many experts believe these contracts are likely to cause the wholesale price of gas in Australia to double over the next five years. With an estimated 40,000 CSG wells on tap for Eastern Australia alone, the issue at hand is not securing more contracts, but responsibly processing the produced water that is extracted with the gas from the surrounding coal seams. A top priority is making sure this CSG produced water is properly handled and does not contaminate the vast and complex system of aquifers that make up the Great Artesian Basin (GAB). The GAB contains an estimated 6500 million megalitres of potable water and spans 20% of the Australian mainland.

About SET Corp
Sustainable Environmental Technologies Corporation is a full service environmental water and wastewater treatment engineering and construction company, specializing in produced water from the oil and gas industries. Services include innovative technologies; water and wastewater engineering; construction and construction management; start-up, operation and maintenance services; and equipment manufacturing for industrial and municipal sectors. Areas of expertise include water treatment and distribution; wastewater collection, treatment, and disposal/reclamation. Its multi-disciplinary team includes professional and licensed engineers and scientists with extensive experience in current engineering, environmental, and construction technologies. For more information, visit www.SETcorp.us.

Safe Harbor Statement
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements, information that is based on forecasts of future results, estimates of amounts not yet determined, assumptions of management or other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company, or persons acting for the Company, are expressly qualified in their entirety by these cautionary statements.

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Contact Information

  • CONTACT:
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    SET Corp
    Keith Morlock
    +1 435.608.1344
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    Media:
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    Julie Shepherd
    +1 815 479 1833
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