BIOREM awarded breakthrough industrial project with Sinopec in China
GUELPH, ON Aug. 9 /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, announced today the receipt of a significant new order from Sinopec, of China valued at CAD $520,000.
Under the terms of the contract, Biorem's proprietary technology will be used to remove Ammonia, Volatile Organic Compounds (VOCs) and Hydrogen Sulfide (H2S), at a Sinopec refinery in southern China. Biorem estimates the global industrial VOC market to be $1.6 billion with China being one of the most important markets.
China Petroleum & Chemical Corporation ("Sinopec") is China's largest producer and supplier of oil and petrochemical products, specializing in the exploration and production of oil and natural gas, oil refining and distribution, production and sales of chemicals. It ranked 17th in the 2007 Fortune Global 500 and 1st place among China Top 500 companies.
"This order reflects the growth potential for our air emission control technologies in the Chinese market. It demonstrates the impact that our presence in China is having to drive new business and our ability to form relationships and successfully leverage our world-class technology to gain positive returns," said Peter Bruijns, President and CEO. "Sinopec is one of China's largest integrated energy and chemical companies. As a new client, we believe there are additional potential opportunities for our technology within the global Sinopec family of companies."
Biorem has established a Wholly Foreign Owned Enterprise (WFOE) in China which enables the company to compete successfully against regional competitors. In addition, the WOFE allows Biorem to source components for the project locally and to manage the project from its offices in Beijing.
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.
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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.