Abtech Holdings, Inc. Completes First Phase of Nassau County Stormwater Project; Sites Selected and Approved for Upgrades
SCOTTSDALE, Ariz., Aug. 12, 2014 /PRNewswire/ -- Abtech Holdings, Inc. (OTC QB: ABHD) ("AbTech" or the "Company"), a full-service environmental technologies and engineering firm providing innovative water pollution and contamination solutions to communities, industry and governments, today announced that it has completed phase 1 of its $12 million NTE (Not-To-Exceed) stormwater management contract in Nassau County, NY, awarded October 2013. AbTech has been given the County's approval to move forward with 14 selected sites, with the expectation that 2 or 3 sites may be withdrawn from the list of sites completed under this current contract if site complexities are discovered during the final detailed engineering work.
"We are pleased to see the completion of the first phase of this project and the associated election of first sites for storm water infrastructure upgrades," said Chief Deputy County Executive Robert Walker. "This is a critically important project for the County in addressing its water infrastructure challenges and we look forward to continued progress and construction of the first installations."
AbTech is the Prime Contractor of this stormwater design-build-operate system installation project for stormwater outfall pipes in Nassau County and thus, as the project work is completed and billed, AbTech will recognize the full amount billed for this project as revenue. The first phase of this project began in October 2013, but was significantly delayed due to circumstances beyond AbTech's control. The planned timeline for the overall Nassau County project had a cushion built-in. Consequently, with the project now moving forward, these delays are not expected to prevent the targeted completion of installation by first frost this fall, subject to timely receipt of permits and other regulatory processes. The work during the first phase relied heavily on information received from the County, to evaluate 60 sites for improvements. It entailed use of AbTech's engineering firm, AEWS Engineering LLC, and a local engineering firm working together in cooperation with the municipal agency to determine site selection, Best Management Practice assessment and selection, and the completion of other preliminary design engineering. Phase Two is a brief phase consisting of preparation of the technology solution and related documents, and thereafter the project will move into Phases 3 and 4, which are Engineering and Construction, respectively. Phases 3 and 4 will have significant overlap, as engineering, construction administration and other similar work occurs in Phase 3 but overlays the execution of Phase 4, where all materials are procured and construction labor is subcontracted. Phase 4 is expected to generate approximately 80% of the contract revenue.
Once engineering design and necessary permitting is in place, along with procurement of materials, the project's construction schedule allows for a single site to be completed in as little as 1-2 weeks or as much as several weeks, depending on the site specifics. More than one site can be improved simultaneously.
"AbTech is eager to begin construction and looks forward to groundbreaking, as the intent is to complete installation at the selected sites before the first frost sets in," commented Glenn Rink, CEO of AbTech. "It is encouraging to observe this project is moving ahead and that we have passed this milestone in completing phase 1 with the first 14 sites identified for improvement."
ABOUT ABTECH HOLDINGS, INC. (OTC QB: ABHD) AND ABTECH INDUSTRIES, INC.
AbTech Industries, Inc. (a subsidiary of Abtech Holdings, Inc.) is a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination. Its products are based on polymer technologies capable of removing hydrocarbons, sediment and other foreign elements in stormwater runoff (ponds, lakes and marinas), flowing water (curbside drains, pipe outflows, rivers and oceans), and industrial process and wastewater. AbTech's offerings include the ground-breaking new antimicrobial technology called Smart Sponge® Plus. This technology is effective in reducing coliform bacteria found in stormwater, industrial wastewater, and municipal wastewater. Smart Sponge® Plus is registered with the Environmental Protection Agency (Registration #86256-1). AbTech's teams of water treatment technology experts, civil and environmental engineers, and field operations specialists develop solutions to improve the quality of our limited water resources. AEWS Engineering (a subsidiary of Abtech Holdings, Inc.), is an independent engineering civil and environmental engineering firm partnered with top research and engineering universities. By focusing on bringing new engineering and technology innovation to the water infrastructure sector, AEWS is positioned to be at the forefront of stormwater Best Management Practices development and to deliver the latest in design excellence to its customers. For more information please visit www.abtechindustries.com. More information on AEWS Engineering can be found at www.aewsengineering.com.
This news release contains "forward-looking statements" which are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any 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.
SOURCE Abtech Holdings, Inc.