All amounts in Canadian dollars unless otherwise stated.
QUEBEC CITY, June 8, 2010 /CNW Telbec/ - H2O Innovation Inc. ("H2O Innovation" or the "Company")(TSX VENTURE:HEO)
(ALTERNEXT:MNEMO:ALHEO), an expert in membrane filtration offering
complete water treatment solutions for municipal and industrial
applications, announces today that its India joint-venture H2O Innovation India Ltd. ("H2O Innovation India") has been awarded contracts totaling CAN$2.2 million
for the supply of water treatment systems and equipments for industrial
customers located in the Indian states of Gujarat and Maharashtra.
These first contracts come only four months following the announcement
of H2O Innovation India's creation.
One of the contracts announced today will see H2O Innovation India provide a state-of-the art, large-size,
ultrafiltration and reverse osmosis systems for the treatment of river
water to provide treated water for cooling towers make-up, boilers feed
water, processes water, and drinking water along with reclamation and
reuse of cooling towers blowdown waste waters at a large industrial
facility. The facility's ultimate objective is to achieve zero
discharge of waste waters, conserving source water, minimizing
pollution, and meeting regulatory guidelines. Another contract awarded
to H2O Innovation India will have it provide a medium-sized condensate
polishing systems for exports.
"We are very happy to see H2O Innovation India successfully secure its first contracts so quickly
after the beginning of its activities", stated Frédéric Dugré,
President and CEO of H2O Innovation Inc. "We are confident that H2O Innovation India's team of water treatment experts will build on these
first successes to develop a growing presence in the Indian industrial,
commercial, and institutional water treatment industry, build a sales
pipeline and pursue its sales objectives".
Announced on February 1, 2010, H2O Innovation India is a joint venture between Chembond Chemicals Limited
("Chembond") of Mumbai, India and H2O Innovation. Pursuant to the joint venture agreement, Chembond owns 51%
of the shares of the joint venture and the Company owns the remaining
49%. H2O Innovation India's initial sales objectives are to generate between
CAN$5 million and CAN$8 million within its first three years of
operation. The contracts announced today will not be added to the
Company's sales backlog, but rather represent the initial figure of H2O Innovation India's own sales backlog. Their execution will be
accounted for in H2O Innovation India's financial results.
"We are very proud of receiving contracts from two of India's large
engineering, construction and consulting companies. Our successes are
the result of our team's expertise and hard work, coupled with H2O Innovation's valuable technical support and in-depth knowledge of
membrane-based water treatment systems," said Nirmal Shah, Managing
Director of H2O Innovation India. "While remaining very active in pursuit of new
projects to meet our growth objectives, our team will focus on the
execution and management of the awarded projects."
About H2O Innovation India Ltd.
H2O Innovation India Ltd. is a joint venture between H2O Innovation Inc. and Chembond Chemicals Ltd. of Mumbai, India providing
water treatment systems and operation and maintenance services to the
fast growing Indian industrial, commercial, and institutional markets
for the production of high-quality water for use in industrial
processes, for reclamation and reuse of industrial waste waters, as
well as for treatment of domestic waste waters. H2O Innovation India is headquartered in Mumbai, India.
About H2O Innovation Inc.
With 10 years of experience developing water treatment solutions, H2O Innovation is establishing itself as a key player in sustainable
development and clean technologies in North America and abroad. H2O Innovation designs, develops, produces, and integrates
state-of-the-art custom-built water treatment systems for the
production of drinking water, the reclamation of water, the treatment
of wastewater and industrial process water in the municipal,
commercial, industrial, oil & gas, mining, and energy markets.
Additionally, the Company offers complete operating and maintenance
solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 90 employees and eight offices including
three manufacturing plants in Canada and the United States and is a
founding partner of H2O Innovation India, a joint venture with Chembond Chemicals Ltd. of
Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) as well as on
the NYSE Euronext Alternext Exchange (MNEMO:ALHEO). For more
information about H2O Innovation, visit the Company's website at www.h2oinnovation.com.
Certain statements set forth in this press release regarding of H2O Innovation India 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, 2009 available on SEDAR (www.sedar.com) and without limitation, to those risks indicated in said document,
factors of uncertainty and risk in this particular venture might result
from market acceptance of the solutions and systems of H2O Innovation India in its targeted markets, cost of raw materials,
foreign currency, risk management, of growth and of international
activities and general changes in economic conditions. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor
the Alternext Exchange accepts responsibility for the adequacy or
accuracy of this release.
SOURCE H2O Innovation Inc.
For further information: For further information:
H2O Innovation Inc. and H2O Innovation India Ltd.