SAN JOSE, CA / ACCESSWIRE / November 16, 2018 / Pacific Green Technologies Inc. (PGT) (OTCQB: PGTK), owner of the ENVI-Marine TM Exhaust Gas Scrubbing System, is pleased to announce that its wholly owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT), has executed an agreement for US$17.9m to manufacture and install ENVI-MarineTM Systems on six vessels owned by Ridgebury Holdings LLC.
PGT's JV partner, PowerChina SPEM Company Limited, will manufacture the systems at one of its factories in Wuxi, China with CSSC Chengxi Shipyard, Shanghai, China installing between June and September 2019 in advance of the IMO legislations for stricter sulphur emissions standards that come into force on 1 January 2020.
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The company's strategy is to build through organic development and acquisition, a portfolio of patented competitive cutting-edge technologies designed to meet increasingly stringent environmental standards.
For more information, visit PGT's website:
Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373
About Ridgebury Holdings LLC
Ridgebury is a dynamic and resourceful company with a growing fleet of crude and refined-product tankers.
For more information, visit Ridgebury Holdings' website:
About POWERCHINA SPEM Co. Ltd
POWERCHINA SPEM is a subsidiary of POWERCHINA, the largest power equipment manufacturer in the PRC and owned by the Chinese Government. With abundant resources, expertise, strong manufacturing capacity, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy PGT technology throughout China.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that PGT's emission control system has significant potential to be a market leader in China.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the JV with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Pacific Green Technologies Inc.
Released November 16, 2018