Operations
commencing soon
Westminster, CA – March 18, 2020 – BioLargo, Inc.
(OTCQB:BLGO), developer of sustainable technologies and a full-service
environmental engineering company, announced today that its joint venture with
BKT and Tomorrow Water has been finalized and the required investment funds have
been transferred from BKT to BioLargo. The newly formed joint venture in South
Korea will manufacture and support the distribution of odor and volatile
organic compound (VOC) control products based on CupriDyne® Clean, the
award-winning air quality control product produced by BioLargo’s subsidiary
Odor-No-More, Inc., for the South Korean market.
Pursuant to the terms of the executed Joint Venture
Framework Agreement, BKT has purchased $350,000 worth of BioLargo common stock.
The parties are funding the joint venture with $150,000 from BKT and Tomorrow
Water and $100,000 from BioLargo. Operations of the newly formed joint venture
entity are expected to begin shortly. The parties have worked together for
months to exchange information and product training, work with prospective customers,
perform testing, clear any safety requirements required by the local
authorities, set up physical headquarters in South Korea, secure supply chain
relationships, and establish logistics surrounding distribution of CupriDyne
Clean-based products in South Korea. These efforts have been underway for some
time and will enable the joint venture to commence manufacturing forthwith as
customers come on board.
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.
CupriDyne Clean is Odor-No-More’s patented product that
controls odors and VOCs at a host of industrial sites like landfills, transfer
stations and wastewater treatment operations. The company currently serves 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. It is
proven effective at eliminating air contaminants such as hydrogen sulfide (H2S),
terpenes, and other VOCs.
CEO and
Founder of BKT and Tomorrow Water Dong Woo Kim commented, “The CupriDyne Clean
product performance is unmatched in the marketplace. Due to its geographic
location and its excellent social infrastructure, Korea will become a gateway
to Asian market. We are pleased to work with the team at BioLargo and look
forward to a long-lasting partnership. We look forward to sharing the name of
the joint venture as we officially launch the products soon.”
Odor-No-More President and VP of Operations for BioLargo,
Joseph Provenzano, commented on the launch of the joint venture, “CupriDyne
Clean has been a breakout hit among operators in the waste handling industry in
the US, and we expect it to be well-received in South Korea. Our products
performed extremely well in BKT’s testing for wastewater applications, and we
anticipate the product will quickly make life easier for South Korean
operators.”
President and CEO of BioLargo Dennis P. Calvert commented,
“We are pleased to be working with the leadership team at BKT and Tomorrow
Water. We anticipate that many more opportunities will arise to develop mutual
business together, and we have begun those discussions. “
Note that this is the successful completion of the planned transaction, as the company had executed an MOU with BKT, Tomorrow Water and the City of Daegu in September of 2019- See this Link for Details
About BioLargo, Inc.
BioLargo, Inc. is an innovator of technology-based products
and environmental engineering solutions provider driven by a mission to “make
life better”. We feature unique
disruptive solutions to deliver clean air, clean water and a clean, safe
environment (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. We are a minority stockholder of and
licensor to our subsidiary Clyra Medical (www.clyramedical.com),
which features effective and gentle solutions for chronic infected wounds to
promote infection control and regenerative tissue therapy.
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.
Contact Information
Dennis P. Calvert
President and CEO, BioLargo, Inc.
888-400-2863
Safe Harbor Act
This press release includes “forward-looking
statements” within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. Actual results may
differ from expectations, estimates and projections and, consequently, you
should not rely on these forward-looking statements as predictions of future
events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,”
“potential,” “continue,” and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements involve
significant risks and uncertainties that could cause the actual results to
differ materially from the expected results.
No comments:
Post a Comment