SAN JOSE, Calif., July 04, 2019 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. (the “Company”, OTCQB: PGTK), developer of the ENVI-Marine™ emission control system, today announces that, effective 26 June 2019 and pursuant to a framework agreement dated 30 November 2018 (as amended 15 May 2019, together the “Framework Agreement”) between the Company’s wholly owned subsidiary, Pacific Green Marine Technologies Inc., and Scorpio Tankers Inc. (“STNG”), that STNG has exercised options to install the ENVI-Marine™ system on an additional fourteen (14) vessels that STNG owns or manages.
The pricing of the ENVI-Marine™ system for the vessels is currently being calculated in accordance with gas flow volumes under the terms of the Framework Agreement. Sale and purchase agreements are being prepared and the Company will make a further announcement when these have been executed together with contract pricing details.
About Pacific Green Technologies, Inc.
In support of the world’s need for cleaner and more sustainable energy, Pacific Green Technologies has developed a portfolio of patented, emission control technologies that remove pollutants from marine engine, power plant and waste incinerator exhaust streams to meet increasingly stringent environmental standards. Pacific Green solutions utilize its patented “Turbo Head Technology™” which enables a more thorough mixing of exhaust gases and a chosen reagent solution that delivers more effective contaminant removal in a system that is both smaller and more efficient to build and operate.
Pacific Green formed a strategic joint venture with PowerChina SPEM, a unit of China's largest engineering, procurement, and construction firm, to support the manufacture, design, and installation of its solutions on a global scale, while also serving as an in-country sales agent for commercial opportunities in mainland China.
For more information: www.pacificgreentechnologies.com
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 Pacific Green’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.
Contact: Scott Poulter Chief Executive Pacific Green Technologies Inc. T: +1 (408) 538-3373 Chris Eddy or David Collins Catalyst IR T: +1 (212) 924 9800 or firstname.lastname@example.org
Released July 4, 2019