Abtech Holdings, Inc. Signs First Letter of Intent with California Municipality for Stormwater Public-Private Partnership
SCOTTSDALE, Ariz., Dec. 27, 2012 /PRNewswire/ -- Abtech Holdings, Inc. (OTCQB: ABHD) ("AbTech" or the "Company"), 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, today announced that the City of Monrovia, California has signed a Letter of Intent ("LOI") with AbTech for a stormwater public-private partnership ("P3"). The LOI immediately engages AbTech to assess the City's facilities and regulatory requirements so that the City may move forward with a stormwater P3.
Monrovia, located in the foothills of the San Gabriel Mountains, is the fourth oldest city in Los Angeles County with a population base of approximately 37,000. The current Mayor of Monrovia, Mary Ann Lutz, is a member of the U.S. Conference of Mayors' Water Council and the most recent chair of the Los Angeles Regional Water Quality Control Board (LARWQCB).
In November, LARWQCB issued new stormwater requirements for the County, Flood Control District and all incorporated municipalities in the LA-area to now cover 33 regulated contaminants including dozens of never-before-regulated contaminants such as bacteria, metals and toxics.
Last year, Monrovia was named the most business friendly city in Los Angeles County, according to an award given by the Los Angeles County Economic Development Corporation (LAEDC). In addition to Mayor Lutz's role on the Water Board, she is or has been a member of the San Gabriel Valley Council of Governments, chairperson of the San Gabriel Valley Council of Governments Environmental and Energy Committee and Water Working Group, and a member of the Los Angeles County Integrated Waste Management Task Force.
Glenn Rink, CEO of AbTech commented, "This first development with a municipality was achieved following months of due diligence and modeling and marks a key milestone for our Company. We look forward to 2013 as we anticipate orders from various municipalities early in the year, as described on our third quarter earnings call last month."
AbTech will release further details on the project next month.
Yvonne L. Zappulla
Grannus Financial Advisors, Inc.
Lane J. Castleton
Chief Financial Officer
Abtech Holdings, Inc.
ABOUT ABTECH HOLDINGS, INC. (OTCBB: 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.