BIOREM AWARDED $1.2 MILLION TO ADVANCE VOC TREATMENT TECHNOLOGY
GUELPH, ON, Sept. 13 /PRNewswire-FirstCall/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM), a leading clean technology company that designs and supplies high-efficiency biological-based air emissions control systems, today announced it has been awarded $1.2 million from the Innovation Demonstration Fund (IDF) of the Ontario Ministry of Research and Innovation to support the development of its VOC (volatile organic compound) treatment technology. The Company also announced it is installing a prototype VOC treatment system at Polycon Industries (a Magna International division) in Guelph, Ontario. The 5,000 cfm system is expected to be operational by fall 2010 and is designed for 95% VOC removal efficiency while significantly reducing greenhouse gases, utilizing the breakthrough biological process developed by Biorem. The funding is also aimed at further developing high performance biological systems for low concentration VOC streams, which are present in composting and sewage treatment plants.
"The IDF funding and the Polycon installation highlight our leadership position in developing world-class technologies for the treatment of air emissions," said Peter Bruijns, President and CEO. "In order to compete with traditional technologies, our process had to perform at levels meeting or exceeding regulatory requirements, and with lower capital and operating costs than traditional technologies. We believe our technology will be the solution of choice in a market we estimate at more than $1.6 billion globally. We have established our sales channels, particularly in North America and China, and expect our VOC treatment systems will drive significant growth in the coming years as this technology gains market share."
Volatile organic compounds (VOCs) are emitted from virtually every manufacturing process. These compounds are major contributors to poor air quality in urban areas and contribute to human health issues, such as asthma and certain cancers. The treatment of VOC emissions has traditionally been through the use of Thermal Oxidation, a process that uses fossil fuels to remove VOCs by incineration, resulting in significant greenhouse gas emissions and high operating costs. The technology developed by Biorem reduces, by as much as 95%, the greenhouse gas emissions of traditional solutions and lowers plant operating costs by more than 40%, allowing both economic and regulatory goals to be achieved in tandem.
About BIOREM Inc.
Biorem is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency biological-based air emissions control systems. These systems are used to eliminate odors, volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), and for the conditioning of biogas renewable energy. With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 600 installed systems worldwide, Biorem not only offers state-of-the-art technology-based products but also peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in the disclosure materials, financial statements and MD&A filed with the securities regulatory authorities in Canada on www.sedar.com
"Order Bookings" and "Order Backlog" do not have any standardized meaning prescribed by Canadian generally accepted accounting principles ("GAAP") and may not be comparable to measures presented by other companies.
Order Bookings and Order Backlog are non-GAAP measures that the Company uses to evaluate its sales performance. Order Bookings are those binding contracts that the Company enters into with a third party for the delivery of our products or services. As Order Bookings are received, the contract value (before any associated sales taxes) is included in the Order Backlog. The Order Backlog is reduced by the revenue that is recognized on each project.
SOURCE Biorem Inc.