LiqTech International And FMC Technologies Have Entered Into A Multi-year Agreement
- Companies Reach an Exclusive Supply and Development Agreement in Unconventional Shale Oil/Gas Applications -
BALLERUP, Denmark, March 25, 2013 /PRNewswire/ — LiqTech International, Inc. (OTC: LIQT) a clean technology company that manufactures and markets highly specialized filtration technologies, announced today that it has entered into an agreement with a global leader in oilfield equipment and services, FMC Technologies, Inc. (NYSE: FTI), for the use of its state-of-the-art disruptive silicon carbide membrane technology for oil/gas applications. The exclusive agreement will bring LiqTech International’s silicon carbide membrane technology into the highly attractive unconventional shale oil/gas sector and will allow for the development of new water treatment systems. The agreement includes a multi-year, multi-million dollar commitment towards LiqTech technology in order for FMC Technologies to maintain exclusivity.
The use of horizontal drilling and hydraulic fracturing technology is one of the most significant advancements in hydrocarbon recovery in decades, driving a resurgence of onshore oil and gas activity in North America. The hydraulic fracturing process involves injecting large amounts of water and sand into a well to increase the cracks in dense formations, thereby enhancing flow characteristics. Following the process, a significant amount of water returns to the surface and must be treated or injected into deep underground disposal wells. LiqTech’s silicon carbide membrane, and its greatly enhanced filtration capabilities, is a potential enabling technology for the treatment and reuse of this produced water.
Lasse Andreassen, LiqTech’s CEO, stated, “This agreement is a major breakthrough for LiqTech and is the validation of our technology that we have been working on for the last six years. We have more than one hundred customers that use our membranes, but FMC Technologies will bring LiqTech a very important platform in the attractive unconventional shale oil/gas area. We have granted FMC Technologies exclusive use of our membranes in the unconventional shale oil/gas industry, because of its commitment to our technology and the resources it commits to bringing our membranes into systems that we believe will grow our business significantly.”
“FMC Technologies has studied and tested LiqTech’s Silicon Carbide Membrane Technology and found it well suited for the further development of our product and service offerings in unconventional shale oil/gas,” said Johan Pfeiffer, FMC Technologies’ Vice President, Surface Technologies. “We chose LiqTech as our partner because its product has great promise and its organization can meet the high quality standards that FMC Technologies requires. We look forward to developing new products together and see great prospects in this partnership.”
LiqTech’s Chairman, Aldo Petersen, concluded, “This agreement is a great accomplishment for LiqTech and our talented staff and will strengthen our business potential in the very important unconventional shale oil/gas area. We intend to discuss the impact of these agreements on our conference call scheduled for Wednesday, March 27(th).”
ABOUT LIQTECH INTERNATIONAL, INC. (OTCQX: LIQT)
LiqTech International, Inc., a Nevada corporation, is a clean technology company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. It also manufactures ceramic silicon carbide kiln furniture. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology. LiqTech’s products are based on unique silicon carbide membranes, which facilitate new applications and improve existing technologies. For more information, please visit www.liqtech.com.
ABOUT FMC TECHNOLOGIES, INC.
FMC Technologies, Inc. (NYSE: FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World’s Most Admired Oil and Gas Equipment, Service Company in 2012, the Company has approximately 18,400 employees and operates 30 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high-pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. For more information, visit www.fmctechnologies.com.
This press release contains “forward-looking statements.” Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
SOURCE LiqTech International, Inc.