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Pacific Green Tech. (PGTK)

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Tuesday 07 February, 2017

Pacific Green Tech.

Pacific Green Manufactures ENVI-Marine Scrubber

RNS Number : 1767W
Pacific Green Technologies Inc.
07 February 2017
 

Pacific Green Manufactures ENVI-Marine Scrubber

SAN JOSE, CA / ACCESSWIRE / February 7, 2017 / Pacific Green Technologies Inc. ("PGT") (OTCQB: PGTK) is pleased to confirm that it has completed manufacturing the first ENVI-MarineTM scrubber on schedule for installation on Union Maritime's chemical tanker "Westminster."

This ENVI-MarineTM System is currently in transit from the Port of Shanghai in shipments that departed on January 22 nd and 29th 2017 enroute to Senegal, West Africa for installation under the terms of the Energy Management Lease Agreement entered into by PGT and Union Maritime Limited (UML) on December 9th 2016, with the intent that UML purchases a further ten systems.

PGT's system was manufactured by it's joint venture partner, POWERCHINA SPEM in one of its leading fabrication facilities in Shanghai and was supervised by PGT's engineers.

Dr. Neil Carmichael, Chief Executive of PGT and Chairman of Pacific Green Technologies Marine Ltd, commented: "The tight timetable this system was engineered and manufactured in demonstrates the competitive advantage that PGT has with its joint venture partner POWERCHINA SPEM in being able to service this rapidly expanding industry."

Under the terms of PGT's Energy Management Lease Agreement with UML, the chemical tanker "Westminster" will operate in IMO regulated Sulphur Emission Control Areas ("SECA") for a minimum of 140 days per annum whereby PGT will be paid the benefit of the daily fuel savings of approximately US$2,500 per day until PGT has received US$1.95 million.

Dr. Carmichael further added: "The ENVI-MarineTM is perfectly suited to be retrofitted onto existing ships and coupled with POWERCHINA SPEM's unrivalled production capacity, PGT is uniquely positioned to become a market leader in the marine exhaust scrubbing market."

About Pacific Green Technologies, Inc.

Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The company's strategy is to build through organic development and acquisition, a portfolio of patented competitive cutting edge technologies designed to meet increasingly stringent environmental standards.

For more information, visit PGT's website:

www.pacificgreentechnologies.com

Contact:

Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373

About POWERCHINA SPEM Co. Ltd.

POWERCHINA SPEM is a subsidiary of POWERCHINA, the largest power equipment manufacturer in the PRC and owned by the Chinese Government. With abundant resources, expertise, strong manufacturing capacity, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy PGT technology throughout China.

Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that PGT's emission control system has significant potential to be a market leader in China.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the JV with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

SOURCE: Pacific Green Technologies, Inc.

 


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