BALLERUP, Denmark, Nov. 10, 2016 /PRNewswire/ -- LiqTech International, Inc. (NYSE MKT: LIQT) LiqTech and Hunan Yonker Water Co., Ltd. ("Yonker") have signed an equity joint venture agreement to set up a joint venture company in China relating to filtration systems based on LiqTech's Silicon Carbide Membrane technology used in water and wastewater treatment for industrial municipal facilities.
In addition, Hunan Yonker Investment Group Co. Ltd and LiqTech entered into an agreement pursuant to which Hunan Yonker Investment Group Co. Ltd agreed to purchase 4,000,000 shares of common stock of LiqTech at $1.00 per share. The closing of the purchase of the shares is subject to receipt of all US and China government approvals. Such approvals are expected to be received by February 28th, 2017.
The agreement represents the second joint venture signed by LiqTech for the Chinese market.
In August, LiqTech signed an agreement with Kailong High Technology to establish a joint venture for the production and sale of Silicon Carbide Diesel Particulate Filters.
Chairman of Yonker, Mr. Zheng Jun Liu, remarked "Yonker has spent the last 18 years becoming a leading environmental company in China. Our presence in water treatment in China is very strong and we believe that LiqTech has developed a silicon carbide membrane and water treatment systems that will have great opportunity in China. We are convinced that our joint venture will have significant potential as many of our customers need better water treatment".
China is very focused on the environment and investments in clean water will increase significantly in the coming years.
Chairman of LiqTech, Mr. Aldo Petersen, stated "Our joint venture with Yonker is the next step of our strategy for our development of business in China. We have been in discussions with a number of water treatment companies and investors in China. Yonker has established a strong presence in the water treatment market and we believe the joint venture represents the best opportunity for LiqTech's success in China.
We share the same vision and business strategy with Yonker."
About Hunan Yonker Water Co., Ltd. Environmental Protection Group
Hunan Yonker Water Co., Ltd.: www.yonkergroup.cn/en/ is a leading enterprise in the environmental protection industry in Hunan Province. Yonker Group was founded in 1998 and its businesses include: air pollution control, wastewater treatment, Soil remediation, waste incineration. Yonker synthesizes technology research and development, environmental protection consultation and environment impact assessment, equipment manufacturing, engineering design, Engineering Project Contracting (EPC) and operational service.
The subsidiary companies of Yonker Group include Hunan Yonker Environmental Protection Co. Ltd (Stock Code: 300187), Hunan Yonker water Co. Ltd.; Hunan Yonker Environment Remediation Co., Ltd; Hunan Yonker Mechanical Manufacture Co., Ltd; Yonker Environmental Protection Research Institute Co. Ltd. These companies combine investment, design, construction and operation, and possess advanced technology, unblocked financing system and excellent project management and executive capability.
About LiqTech International
LiqTech International, Inc., a Nevada corporation, is a clean technology company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology. LiqTech's products are based on unique silicon carbide membranes, which facilitate new applications and improve existing technologies. In particular, LiqTech Systems A/S (www.provital.dk), the Company's subsidiary, has developed a new standard of water filtration technology to meet the ever increasing demand for higher water quality. By incorporating LiqTech's SiC liquid membrane technology with its longstanding systems design experience and capabilities it offers solutions to the most difficult water pollution problem.
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