Abtech Holdings Schedules Conference Call to Present First Quarter 2013 Financial Results Storm Water Installation Commences on Additional Project; Further Validating the Vault Retrofit Approach
SCOTTSDALE, Ariz., May 1, 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 scheduled a conference call for Tuesday, May 14, 2013 at 1:00 p.m. (ET) to discuss the Company's financial results for its first quarter ended March 31, 2013 and provide an update on its business initiatives. AbTech intends to issue its financial results after the market close on Monday, May 13, 2013.
It is recommended that participants phone-in at least 10 minutes before the call is scheduled to begin. A replay of the conference call in its entirety will be available approximately one hour after its completion via the Internet Access link above.
Additional Storm Water Purchase Order
AbTech also noted today that it has received a purchase order for the installation of a mid-size vault correcting an outfall pipe that flows into a bay on the Eastern seaboard. It should be noted that there are thousands of similar outfall pipes in need of upgrade along the East coast alone, not to mention the rest of the country. This particular project for $126,000 is being deployed primarily to protect the water quality in the bay, which is used for recreational purposes. The purchase order, 95 percent of which is attributable to Smart Sponge® material, is expected to be completed during the current quarter in time for the launch of the summer beach season. In a typical vault installation, AbTech recommends approximately 20 percent of the Smart Sponge® replacement annually.
"AbTech's Smart Sponge® technology is gaining worldwide recognition as an effective tool in eliminating targeted contaminants in water and, as such, is being incorporated into solution strategies being proposed by engineering service companies for the treatment of stormwater and wastewater," commented Glenn Rink, CEO of AbTech. "The focus on water contamination and water reuse is a topic of great interest both here and abroad, and of particular growing focus within the international investment community. This was evident in our recently announced transaction (see 8-K filing dated April 12, 2013) in which a substantial portion of our outstanding debt was purchased and converted into common shares of ABHD stock by investors based in the UK. As a result of the transaction, we reduced our outstanding convertible debt from $2.3 million to $480,000 and increased our common stock outstanding by 2.6 million shares to 67 million shares. Our fully diluted share count totals approximately 92 million shares."
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.