GUELPH, ON, Feb. 25 /CNW/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM) today announced it will expand into the key industrial air emissions control markets of volatile organic compounds ("VOCs") and methane (biogas) emissions. BIOREM has taken the strategic decision to focus on developing advanced solutions for emissions control in the industrial space, as it will provide the Company with greater opportunity for recurring revenue generation and growth. BIOREM's entry into biogas purification adds a dimension of valuable product recovery and allows the Company to participate in sustainable clean energy markets in addition to its odor removal business.
BIOREM is targeting niche areas within the VOC and methane emissions markets, that combined, have a market size of more than $400 million annually in the United States alone, with significant projected annual growth rates. The solutions currently available to clean these emissions from air streams - such as thermal oxidizers, chemical scrubbers and iron sponges - are non-biological in nature and generate further greenhouse gases or harmful byproducts during the cleaning process.
Methane is 23 times more powerful as a global warming agent than carbon dioxide and accounts for more than 14% of all man-made greenhouse gas emissions on Earth. Capturing methane emissions and converting them for power generation or automobile fuel sources has the dual effect of mitigating atmospheric damage and providing sustainable, clean energy. There are many different VOCs emitted daily from the manufacturing of consumer products such as building materials, automobile parts, appliances and packaged foods. Many of these VOCs are harmful to human health and thereby contribute significantly to poor urban air quality (smog).
"Over the last few years, we have focused on building a stable platform for growth by establishing a strong management team and sales network, generating a healthy balance sheet, and developing best-in-class proprietary air emission control technology and intellectual property through research and development. With this accomplished, we are in an ideal position to embark on the next phase of our growth strategy," said Peter Bruijns, President and CEO. "By expanding our business focus to cover the VOC and biogas markets, we are committing ourselves to being a price and technology leader, as well as a participant in Carbon Credit related project opportunities. To support the future growth of our business, we intend to establish new manufacturer representatives for our product offerings in Australia, South Asia and Eastern Europe, as well as further build-out our Beijing, China office."
"BIOREM continues to maintain a commitment to research and development as a cornerstone for its competitive advantage. Our dedication to innovation has dramatically improved the biological performance of our installations, while reducing their cost. This combination of innovation and cost reduction will put us in a competitive position when we enter the new market areas of VOCs and biogas emissions," added Mr. Bruijns.
Over the past year, BIOREM has developed new biofiltration medias and processes, which will be applied to both the Biogas and VOC applications to handle the high concentrations of contaminants. The new medias are currently being validated via prototype units now operating at a compost facility, automotive plant and a Brownfield superfund site (a development project under the supervision of the Environmental Protection Agency in the United States.)
About BIOREM Inc.
BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and over 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
"Order Bookings" and "Order 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.
Order Bookings and Order Backlog are non-GAAP measures that the Company uses to evaluate its sales performance. Order Bookings are those binding contracts that the Company enters into with a third party for the delivery of our products or services. As Order Bookings are received, the contract value (before any associated sales taxes) is included in the Order Backlog. The Order Backlog is reduced by the revenue that is recognized on each project.
SOURCE BIOREM Inc.
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