08/20/2019 | Press release | Distributed by Public on 08/21/2019 03:19
BALLERUP, Denmark, Aug. 20, 2019- LiqTech International, Inc. (NASDAQ:LIQT) ('LiqTech'), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced the signing of a Share Purchase Agreement (SPA) to acquire BS Plastic A/S, a specialized plastics manufacturer based in Denmark. The acquisition allows LiqTech to in-source certain components of its proprietary and market-leading ceramic silicon carbide water filtration systems for closed loop marine scrubber applications. The acquisition is expected to close in the third quarter of 2019.
BS Plastic was founded in 1958 as a provider of machined and welded plastic parts and is currently a supplier of plastic components to LiqTech. Recently, BS Plastic has focused on parts for the prepress, UV and aquaculture market segments.
Sune Mathiesen, CEO of LiqTech International, commented, 'We are excited to advance one of the key components of our margin optimization program - the in-sourcing of certain core manufacturing activities. Upon closing of the acquisition, LiqTech will immediately in-source the manufacturing of plastic tanks and machined plastic products for its water filtration systems. We expect the payback to shareholders to be relatively short on this investment, based on cost savings and profit from BS Plastic´s existing operations. We are excited to integrate the BS Plastic team into the LiqTech Group and look forward to further leveraging their capabilities in the years to come.'
About LiqTech International, Inc.
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. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology. LiqTech's products are based on unique silicon carbide technology which facilitate new applications and improve existing technologies. LiqTech offers a wide range of filters and membranes for micro- and ultrafiltration, and by incorporating LiqTech's SiC liquid membrane technology with the Company´s long-term systems design experience and capabilities, LiqTech offers solutions to the most difficult water pollution problems.
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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 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.
Company Contact:Sune Mathiesen, Chief Executive Officer
LiqTech International, Inc.
Phone: +45 5197 0908