SAN JOSE, CA / ACCESSWIRE / July 30, 2015 / Pacific Green Technologies Inc. ("the Company") (PGTK), is pleased to announce that it has signed a Memorandum of Understanding ("TIANJIN MOU") with Tianjin Yilainuo Technology Development Ltd. ("YILAINUO").
YILAINUO is a business focussed on technical innovation and services in the energy sector, particularly oil, power, mining and cement. The TIANJIN MOU sets out the strategic objectives of cooperation between the Company and YILAINUO:
- for both parties to endeavour to make the Company's ENVI-Clean(TM) and ENVI-Pure(TM) emission control systems the leading emission control systems in China's industrial emission control sector;
- for YILAINUO to identify and introduce the Company to a suitable counterparty (the "Counterparty") regarding the installation of one of the Company's emission control system technologies.;
- within 30 days of the installation, the Counterparty will inform the Company as to the performance of the system. If the performance is satisfactory, the parties will be reimbursed for any finance costs of the installation;
- after the installation, YILAINUO is to become a distribution partner for the Company in China targeting various industrial emission control sectors. It is the mutual understanding of the Company and YILAINUO that they will use best endeavours to execute twenty such projects in the first five years of cooperation and achieve sales revenue of RMB1.35 billion.
Neil Carmichael, chief executive of the Company, commented, "We are pleased to be joining forces with YILAINUO in order to target the industrial emission control sector in China for the commercialisation of our technologies."
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focussed on addressing the world's need for cleaner and more sustainable energy. PGT is divided into three divisions:
- the design, development, licensing and marketing of numerous types of technologies designed to improve the environment through clean energy use;
- the development of renewable power plants; and
- licensing its proprietary emission control technologies, ENVI-Clean(TM) and ENVI-Pure(TM), to power stations worldwide.
For more information, visit the Company's website: www.pacificgreentechnologies.com.
About Tianjin Yilainuo Technology Development Ltd.]
Tianjin Yilainuo Technology Development Ltd. is a business focussed on technical innovation and services in the energy sector, particularly oil, power, mining and cement.
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, the Company's expansion into the PRC and/or the commercialisation of the Company's technologies in the PRC.
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 our ability to enter into the requisite agreements and arrangements in Asia. 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 of 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.
Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373
SOURCE: Pacific Green Technologies Inc.
Released July 30, 2015