Abtech Holdings Receives Notification of Award For Smart Sponge® Storm Water Installation in Great Lakes Area Revenues to AbTech Expected to Total Approximately $400,000
SCOTTSDALE, Ariz., Feb. 13, 2013 /PRNewswire/ -- Abtech Holdings, Inc. (OTC QB: 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 it has received notification of an award to upgrade an outflow pipe discharging into a beach located on the shores of the Great Lakes using AbTech's EPA-registered Smart Sponge® Plus technology.
The beach has been plagued by high levels of bacteria that can cause gastro-intestinal problems, skin infections and swimmers' ear. AbTech's Smart Sponge® Plus, an antimicrobial product registered with the EPA (EPA Registration #86256-1) for outdoor use, will be used to filter the storm water drainage emanating from lands that border the beach area thus reducing bacteria concentrations in the discharged water. Wild animal waste and contamination from sewers leading into the area have been identified as significant contributors of E. coli and Enterococcus bacterium to the swimming area.
Glenn Rink, CEO of AbTech commented, "AbTech's Smart Sponge® is highly effective at reducing targeted bacteria from running water. In this project, we will focus on the storm water detention vault systems on the principle storm water outflow pipes to capture the flow of bacteria, allowing treated water to continue into the beach area." Mr. Rink added, "Our treatment vaults are uniquely engineered water treatment solutions for incorporation into storm water, combined sewer overflow and other infrastructures. These systems allow for easy maintenance and continued upgrading as new advanced materials become available. The project, which was in part funded by the EPA, is expected to begin in the current quarter. Revenues to AbTech will total approximately $400,000. AbTech anticipates 20% media replacement every 12 months."
In addition, the Company provided an update on its process with the development of a public-private partnership with the City of Monrovia, first announced December 27, 2012. AbTech's engineering firm subsidiary – AEWS Engineering – is currently completing the assessment of the city's infrastructure and regulatory requirements, as well as developing recommendations as to program and funding structure. With substantial new regulatory requirements in Los Angeles County, there is significant need to deploy storm water Best Management Practices but funding is often one of the primary challenges that municipalities face. With regard to the Letter of Intent AbTech signed with the City of Monrovia in December 2012, Mary Ann Lutz, Mayor of Monrovia, member of the U.S. Conference of Mayors' Water Council and the most recent chair of the Los Angeles Regional Water Quality Control Board, stated that "Monrovia understands the challenges ahead regarding our commitment to the environment and clean water. The new storm water requirements are a necessary, unfunded mandate that will be extremely costly to our community. It is incumbent upon us to evaluate every avenue possible toward achieving clean water and do so at reasonable costs. This letter of intent with AbTech Industries, a recognized leader in storm water solutions, allows us to investigate some new options towards meeting our goals."
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 storm water 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 storm water, 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 storm water 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.