Westminster, CA – February
12, 2020 – BioLargo, Inc. (OTCQB:BLGO), developer of sustainable technologies
and a full-service environmental engineering company announced that it had executed
a “Joint Venture Framework Agreement” with a
leading wastewater treatment solution provider based in South Korea (Bookang
Tech Co. Ltd., “BKT”), to create a South Korean entity that would manufacture
odor and VOC control products based on CupriDyne® Clean, the
award-winning product of BioLargo’s subsidiary Odor-No-More, Inc. The
parties intend to form the joint venture (JV) promptly and begin operations as
soon as possible.
CupriDyne Clean is Odor-No-More’s
patented product that controls odors and VOCs at landfills and transfer
stations operated by the largest waste handling companies in the United States.
CupriDyne Clean is lauded for its gentle, non-toxic, eco-friendly, non-pesticide
formula that works by eliminating odor-causing compounds rather than masking
them.
BKT is a leading wastewater
treatment solutions provider operating in the USA, South Korea and Vietnam with
a reputation for adopting innovative, environmentally sustainable technologies
and practices. Headquartered in Daejeon, South Korea, BKT has an extensive distribution
network throughout Southeast Asia serving more than 400 customers in South
Korea alone, and has a presence in more than eight countries globally.
CEO and Founder of BKT and Tomorrow
Water Dong Woo Kim commented on the formation of the JV with BioLargo, “Odor-No-More’s
products have performed extremely well in our tests, and their team has
demonstrated utmost expertise in creating innovative, eco-friendly solutions
for air quality control in the wastewater treatment sector. We are looking
forward to introducing these products to our customers.”
Under the terms of the agreement, BioLargo
will invest $100,000 in the JV, while BKT and its U.S.-based subsidiary
Tomorrow Water will invest $75,000 each, for proportionate non-dilutive
interests. The JV will manufacture the CupriDyne Clean-based odor and VOC
control product for distributors throughout Southeast Asia, including BKT. The
JV must achieve minimum sales targets to maintain exclusive rights in the Asian
markets, and an annual dividend of $2 million paid to BioLargo to secure
exclusive rights in perpetuity. Finally, BKT has also agreed to invest $350,000
USD directly into BioLargo, Inc. through a stock purchase priced at market
prices at closing, which is contemplated within 60 days.
BioLargo President & CEO Dennis
P. Calvert said, “Not only is BKT a prominent and well-established solutions
provider in the Southeast Asian wastewater industry, but they have demonstrated
a commitment to innovation and research in the very DNA of their company. They are
well-known for their quality service offering and integrity, and we at BioLargo
are confident that together we will prosper through the formation of this joint
venture.”
Joseph Provenzano, President of
Odor-No-More, Inc. commented, “It’s uncommon to find an international
distribution partner as qualified and capable as BKT, and for this reason we are
highly encouraged about the potential for this joint venture to grow sales of
CupriDyne Clean and related products significantly.”
About BKT, Tomorrow Water
BKT is a leading environmental solutions provider, specialized in biological treatment, physical filtration and integrated process design. With over 20 years of experience, BKT is committed to solving the world’s challenges of today, while designing comprehensive solutions for the needs of tomorrow. Our Proteus BBF Biofilitration (https://www.tomorrowwater.com/technology-bbf) is a proven technology that combines physical and biological filtration for advanced primary treatment, which also can be applied to secondary and tertiary treatment process. Proteus (BBF), when applied primary treatment, shrinks existing process footprints up to 80%, while maximizing economic benefits such as carbon diversion and more energy production. Our unique 2-stage AMX™ (https://www.tomorrowwater.com/technology-amx) is the most resilient Anammox system and is pioneering new shortcuts in nitrogen removal. With our diverse portfolio of technologies and dedicated team of researchers and engineers, we strive to maximize recovering the most value from waste and wastewater, while minimizing the environmental impact of it.
BKT is a leading environmental solutions provider, specialized in biological treatment, physical filtration and integrated process design. With over 20 years of experience, BKT is committed to solving the world’s challenges of today, while designing comprehensive solutions for the needs of tomorrow. Our Proteus BBF Biofilitration (https://www.tomorrowwater.com/technology-bbf) is a proven technology that combines physical and biological filtration for advanced primary treatment, which also can be applied to secondary and tertiary treatment process. Proteus (BBF), when applied primary treatment, shrinks existing process footprints up to 80%, while maximizing economic benefits such as carbon diversion and more energy production. Our unique 2-stage AMX™ (https://www.tomorrowwater.com/technology-amx) is the most resilient Anammox system and is pioneering new shortcuts in nitrogen removal. With our diverse portfolio of technologies and dedicated team of researchers and engineers, we strive to maximize recovering the most value from waste and wastewater, while minimizing the environmental impact of it.
About
BioLargo, Inc.
BioLargo,
Inc. is an innovative technology developer and environmental engineering
company driven by a mission to "make life better" by delivering
robust, sustainable solutions for a broad range of industries and applications,
with a focus on clean water, clean air, and advanced wound care. We develop and
commercialize disruptive technologies by providing the capital, support, and
expertise to expedite them from "cradle" to "maturity" (www.biolargo.com). Our engineering division features
experienced professional engineers dedicated to integrity, reliability, and
environmental stewardship (www.biolargoengineering.com). Our industrial odor control division,
Odor-No-More (www.odornomore.com) features CupriDyne Clean Industrial
Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing
compounds and VOCs rather than masking them, and is now winning over leading
companies in the solid waste handling and wastewater industries and other
industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System
"AOS," a disruptive industrial water treatment technology designed to
eliminate waterborne pathogens and recalcitrant contaminants with better
energy-efficiency and lower operational costs than incumbent technologies. Our
subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions
for chronic infected wounds to promote infection control and regenerative
tissue therapy.
Contact
Information
Dennis
P. Calvert
President
& CEO, BioLargo, Inc.
(888)
400-2863
Safe
Harbor Act
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press release includes “forward-looking statements” within the meaning of the
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forward-looking statements involve significant risks and uncertainties that
could cause the actual results to differ materially from the expected results.
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