QUEBEC CITY, PQ, Canada, June 8, 2010 -- H2O Innovation Inc., an expert in membrane filtration offering complete water treatment solutions for municipal and industrial applications, announces today that its India joint-venture H2O Innovation India Ltd. ("H2O Innovation India") has been awarded contracts totaling CAN$2.2 million* for the supply of water treatment systems and equipments for industrial customers located in the Indian states of Gujarat and Maharashtra. These first contracts come only four months following the announcement of H2O Innovation India's creation.
One of the contracts announced today will see H2O Innovation India provide a state-of-the art, large-size, ultrafiltration and reverse osmosis systems for the treatment of river water to provide treated water for cooling towers make-up, boilers feed water, processes water, and drinking water along with reclamation and reuse of cooling towers blowdown waste waters at a large industrial facility. The facility's ultimate objective is to achieve zero discharge of waste waters, conserving source water, minimizing pollution, and meeting regulatory guidelines. Another contract awarded to H2O Innovation India will have it provide a medium-sized condensate polishing systems for exports.
"We are very happy to see H2O Innovation India successfully secure its first contracts so quickly after the beginning of its activities," stated Frédéric Dugré, President and CEO of H2O Innovation Inc. "We are confident that H2O Innovation India's team of water treatment experts will build on these first successes to develop a growing presence in the Indian industrial, commercial, and institutional water treatment industry, build a sales pipeline and pursue its sales objectives."
Announced on February 1, 2010, H2O Innovation India is a joint venture between Chembond Chemicals Limited ("Chembond") of Mumbai, India and H2O Innovation. Pursuant to the joint venture agreement, Chembond owns 51% of the shares of the joint venture and the Company owns the remaining 49%. H2O Innovation India's initial sales objectives are to generate between CAN$5 million and CAN$8 million within its first three years of operation. The contracts announced today will not be added to the Company's sales backlog, but rather represent the initial figure of H2O Innovation India's own sales backlog. Their execution will be accounted for in H2O Innovation India's financial results.
"We are very proud of receiving contracts from two of India's large engineering, construction and consulting companies. Our successes are the result of our team's expertise and hard work, coupled with H2O Innovation's valuable technical support and in-depth knowledge of membrane-based water treatment systems," said Nirmal Shah, Managing Director of H2O Innovation India. "While remaining very active in pursuit of new projects to meet our growth objectives, our team will focus on the execution and management of the awarded projects."
About H2O Innovation India Ltd.
H2O Innovation India Ltd. is a joint venture between H2O Innovation Inc. and Chembond Chemicals Ltd. of Mumbai, India providing water treatment systems and operation and maintenance services to the fast growing Indian industrial, commercial, and institutional markets for the production of high-quality water for use in industrial processes, for reclamation and reuse of industrial waste waters, as well as for treatment of domestic waste waters. H2O Innovation India is headquartered in Mumbai, India.
About H2O Innovation Inc.
With 10 years of experience developing water treatment solutions, H2O Innovation is establishing itself as a key player in sustainable development and clean technologies in North America and abroad. H2O Innovation designs, develops, produces, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water, the reclamation of water, the treatment of wastewater and industrial process water in the municipal, commercial, industrial, oil & gas, mining, and energy markets. Additionally, the Company offers complete operating and maintenance solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 90 employees and eight offices including three manufacturing plants in Canada and the United States and is a founding partner of H2O Innovation India, a joint venture with Chembond Chemicals of Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) as well as on the NYSE Euronext Alternext Exchange (MNEMO: ALHEO). For more information about H2O Innovation, visit the Company's website at www.h2oinnovation.com.
*All amounts in Canadian dollars unless otherwise stated.