GUELPH, ON, June 22 /CNW/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM) today announced that it has received an order for its advanced biological-based volatile organic compounds (VOC) abatement system, totaling just over $500,000. VOCs are emitted primarily from solvents and fuels and react in the atmosphere to form ground-level ozone. This system will be used to remove VOC emissions from an EPA designated "ozone-non-attainment area" in the United States where ground-level ozone standards are not being met.
"Our system was selected because it has the lowest carbon footprint of any current abatement technology. Customers seeking VOC abatement do not want technologies with high energy requirements or that produce secondary pollutants, such as Nitrous Oxides which typically result from Thermal Oxidation processes, because they understand this only shifts the environmental impact," said Peter Bruijns, President and CEO. "Securing this order in the VOC market demonstrates Biorem is on track with our strategy to leverage our world-class technology to expand and diversify into new markets."
Biorem has been developing next generation biological solutions for the degradation of VOCs using biological techniques. The result is a technology solution able to achieve up to 95% destruction of VOCs using biological processes. Biorem has, to date, filed three patent applications covering a number of innovations which will provide a competitive advantage.
"The key commercial objectives to developing a clean technology solution for the VOC market are to achieve performance and capital cost parity with older green house gas producing technologies such as Regenerative Thermal Oxidizers while fitting the biological solution into a similar footprint. Biorem is also installing its first full-sized commercial unit that meets these key criteria at an automotive facility in Ontario which will also be used as a demonstration site," said Bruijns.
As previously announced, the Company is concentrating on two new major market segments: treating emissions of volatile organic compounds and renewable energy (biogas purification). These two combined markets are estimated to be $425 million annually in North America, and will also provide significant opportunities in China, where Biorem also operates.
About BIOREM Inc.
Biorem is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency biological-based air emissions control systems. These systems are used to eliminate odors, volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), and for the conditioning of biogas renewable energy. With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 600 installed systems worldwide, Biorem not only offers state-of-the-art technology-based products but also peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.
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This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in the disclosure materials, financial statements and MD&A filed with the securities regulatory authorities in Canada on www.sedar.com
"Bookings" and "Backlog" do not have any standardized meaning prescribed by Canadian generally accepted accounting principles ("GAAP") and may not be comparable to measures presented by other companies. Bookings and Backlog are non-GAAP measures that the Company uses to evaluate its sales performance. Bookings are those binding contracts that the Company enters into with a third party for the delivery of our products or services. As Bookings are received, the contract value (before any associated sales taxes) is included in the Backlog. The Backlog is reduced by the revenue that is recognized on each project and then adjusted for any currency changes.
SOURCE BIOREM Inc.
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