EDMONTON, March 12 /CNW/ - ZCL Composites Inc. is pleased to announce
that it has been awarded a second contract by Chevron Hong Kong Limited
(Caltex) to install the LIFELINER System(TM) for a number of single walled
tanks at six locations involving multiple tanks for a total value of
$1.9 million scheduled to commence within three weeks. The opportunity now
exists for multiple locations within South China and Thailand where Chevron
(Caltex) has similar operations.
This contract was awarded to ZCL as a result of the successful conversion
of the test sites completed in Hong Kong in January. Caltex was pleased with
the installation of the existing tanks and confirmed the future possibility of
additional sites. Further opportunities exist in North America and Southeast
Asia for the corrosion free storage of new fuels including the new ethanol
blended fuels and other blends now being legislated in certain parts of Canada
and the USA.
This unique UL / ULC listed internal fibreglass system allows "in-situ"
upgrades of a single wall tank to a secondary contained lining system using
Parabeam(R), a patented three-dimensional glass fabric combined with a
proprietary state-of-the-art curing system. There is a very large and growing
need for upgrading both underground and aboveground liquid storage, driven by
environmental legislation and industry standards requiring secondary
containment for storage of hazardous liquids.
"This confirms our understanding of the opportunity for generating
considerable revenues from this technology," says Ven Côté, President of ZCL
Composites Inc. who went on to say, "Our successful completion of the test
sites for Caltex has resulted in this contract and we look forward to winning
additional business both in North America to Southeast Asia where there is
significant potential for making the LIFELINER System(TM) and the Phoenix
Lining System(R) the preferred method of secondary containment of existing
single walled tanks. We continue to believe this new generation of
environmental protection will change our industry."
ZCL Composites Inc. trades on the Toronto Stock Exchange under the symbol
"ZCL" and is Canada's largest manufacturer of fiberglass underground storage
For further information:
For further information: Ven Côté, President & CEO, ZCL Composites Inc.,
(780) 466-6648, firstname.lastname@example.org; Bernie Lafferty, Vice President Finance &
CFO, ZCL Composites Inc., (780) 466-6648, email@example.com