H2O Innovation awarded CAD$3.1 million in contracts for industrial and municipal water treatment systems
Alternext: MNEMO: ALHEO
All amounts in Canadian dollars unless otherwise stated.
QUEBEC CITY, April 20, 2012 /CNW Telbec/ - (TSXV: HEO) - H2O Innovation Inc. ("H2O Innovation" or the "Company") announces today that it was recently awarded $3.1 million in new contracts. Under the terms of these contracts, H2O Innovation will provide custom-built water treatment systems and equipment to industrial and municipal end-users in the United States and Canada. These contracts were awarded to H2O Innovation before the end of its third quarter of fiscal year 2012 ended March 30, 2012. They bring the Company's order backlog for water treatment systems and equipment to $28.1 million as of March 30, 2012.
One of the contracts announced today will see H2O Innovation design, build, test and commission a greensand and reverse osmosis system for a boiler feed water treatment package to an industry-leading oil & gas producer in Northern Alberta. The Company will also deliver a two-skid reverse osmosis water treatment system to the California State Polytechnic University, Pomona. The system will produce potable water for and H2O Innovation will also provide operator training, installation assistance and performance testing services.
Two Canadian and one U.S. municipal end-users have also awarded contracts to H2O Innovation. The Municipality of Sainte-Sophie in Quebec's Laurentians region has contracted H2O Innovation to design and supply a nanofiltration membrane treatment system including pre-treatment. The system will produce drinking water by removing sulphides and dissolved solids from raw water taken from an underground source. The Swan Lake First Nation in Manitoba has contracted H2O Innovation to design and provide a skid-mounted drinking water production system composed of green sand filters and reverse osmosis with calcite polishing. The Company's scope includes the supply of associated feed, recirculation and distribution pumps. H2O Innovation will also design, assemble and deliver a reverse osmosis system to the Yucaipa Valley Water District in California. This water reuse system will be used at the Water District's wastewater treatment facility where it will reduce the salinity of the plant's effluent, rendering it usable for irrigation and other non-potable uses.
"With these contracts, our bookings for the third quarter of fiscal 2012 total close to $6 million. These successes demonstrate the validity of our long-standing focus on North American small to mid-size municipalities, where demand is strong and numerous sales opportunities exist. This efficiently counterbalances any weaknesses in demand from larger U.S. municipalities, a market we are not actively targeting", stated Frédéric Dugré, President and CEO of H2O Innovation. "We are also pleased to be adding up contracts quarter after quarter from the Western Canadian oil and gas market, and from the natural resources sector in general", concluded Frédéric Dugré.
Certain statements set forth in this press release regarding the operations and the activities of H2O Innovation as well as other communications by the Company to the public that describe more generally management objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results and the estimate of amounts that cannot yet be yet determined. Forward-looking statements include the use of the words "expect", "believe", "estimate" and other similar terms as well as those usually used in the future and the conditional, notably regarding certain assumptions as to the success of a venture. Those forward-looking statements involve a number of risks and uncertainties, which may result in actual and future results of the Company to be materially different than those indicated. Information about the risk factors to which the Company is exposed is provided in the Annual Information Form dated September 28, 2011 available on SEDAR (www.sedar.com). Unless required to do so pursuant to applicable securities legislation, H2O Innovation assumes no obligation to update or revise forward-looking statements contained in this press release or in other communications as a result of new information, future events and other changes.
About H2O Innovation
Building on 12 years of experience, H2O Innovation provides integrated technological water treatment solutions based on membrane filtration technology to municipal, energy & mining end-users. H2O Innovation designs state-of-the-art custom-built water treatment systems for the production of drinking water and industrial process water, the reclamation and reuse of water, and the treatment of wastewater, while providing a complete line of specialty chemicals and consumables for membrane filtration and reverse osmosis systems. With more than 110 employees and seven locations in North America, H2O Innovation is also a founding partner of H2O Innovation India, a joint venture based in Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) and the NYSE Euronext Alternext Exchange (MNEMO: ALHEO). For more, visit www.h2oinnovation.com.
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