FARMINGDALE, N.Y., June 10, 2016 /PRNewswire/ -- Cemtrex Inc. (Nasdaq: CETX), a world leading industrial and manufacturing solutions company, announced today that India's willingness to ratify the Paris Climate Accord, as indicated by Prime Minister Narendra Modi's commitment to U.S. President Obama during his recent visit to the White House, further strengthens the Company's prospects of opening up worldwide markets for its VAMOX Greenhouse gas reduction technology. In April of this year the Chinese government strengthened its commitment to reducing greenhouse gas emissions during the Chinese premier's visit to the White House. The Company believes that these concrete efforts by India and China are potential catalysts for increased global demand for its existing methane (greenhouse gas) reduction technology, VAMOX. Cemtrex is one of only two companies in the world with the technology to supply this market.
So far, at least three dozen countries have said they will ratify the deal, and India's participation will push the world over the threshold to ratification. "I think we are better-positioned than we ever have been to reach the goal of 55% of emissions and 55 countries by the end of this year, and I think this statement should provide significant additional momentum toward this global push," said Brian Deese, Obama's senior energy and climate adviser.
Cemtrex Chairman and CEO, Saagar Govil (@SaagarGovil) , commented, "We are delighted to see the world's largest players working together towards improved climate control regulation and excited that VAMOX can play an important role in sustainability."
The VAMOX system generates carbon credits by destroying low level methane. The revenue from the sale of these credits provides profitable cash flow for these companies after paying for the cost of the VAMOX system within 3 to 4 years, thereby allowing coal companies to monetize their non-operating assets in a new compelling way. A cap and trade system is expected to be a catalyst for demand from thousands of potential US coal mines, at a starting price of $2,000,000 for a single VAMOX system.
Cemtrex, Inc. (NASDAQ: CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
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SOURCE Cemtrex, Inc.