LANCASTER, Pa., April 26, 2018 /PRNewswire/ -- Ocean Thermal Energy Corporation (OTCQB: CPWR) ("OTE" or "the Company"), a project developer for Ocean Thermal Energy Conversion (OTEC) renewable energy and water desalinization plants, is today providing an update on its plans to acquire synergistic international and US based companies.
Ocean Thermal Energy Corporation, after six years of significant investment into OTEC research, the development of proprietary, trade secret technology, and the assembling of an exceptional management, engineering, and consulting team, is now positioned to accelerate the implementation of its OTEC technology for projects in the U.S., the Caribbean, the Asia Pacific region, and eventually worldwide.
To expedite its projects, the Company has engaged in meaningful discussions since the beginning of the year with its legal, accounting, and investment partners to acquire two established OTEC and SWAC engineering companies, Both companies are currently under review and consideration and have ongoing, revenue-producing contracts. These companies offer experienced technical teams and an infrastructure that will support and enhance OTE's US and International operations.
The Acquisition Strategy
Concept plants in Hawaii and elsewhere have proven that OTEC technology works. Since then, several leading international engineering firms in the industry, including Ocean Thermal Energy Corporation, have implemented significant technological advances demonstrating that OTEC is on its way to transforming renewable energy and water desalinization methods worldwide on a large scale. Ocean Thermal Energy Corporation believes acquiring OTEC and Seawater Air Conditioning (SWAC) engineering and project companies, whose goals and objectives mirror its own, is a way to further advance its own projects and grow the business.
OTE Corporation Offers Proven Solutions to Help Millions of People Worldwide
Ocean Thermal Energy Corporation is playing a major role in advancing OTEC solutions by designing, receiving approval, and initiating projects in The Bahamas, U.S. Virgin Islands, Philippines, and with a major U.S. Defense contractor. Jeremy Feakins, Chairman and CEO, stated: "We believe that our acquisition strategy will help fast-track OTE's business model. Further, it will provide an ideal way for us to quickly enhance our own technology team and establish our Company as the industry leader for the implementation of both renewable energy and the production of water for drinking, food production, and economic development. Our technology, in particular our water desalinization methods, are intended to benefit millions of people in tropical and subtropical regions of the world."
About OTEC and SWAC
OTEC plants generate renewable energy by "harvesting" the heat in ocean water and using that heat to warm liquids with a low boiling point (such as ammonia) so that vapor is produced. The vapor turns a turbine and generates electricity. Cold water then condenses the vapor, and the closed loop cycle continues. Supporting the efforts for more sustainable living in developing nations around the world, Ocean Thermal Energy Corporation's OTEC and SWAC technologies drastically reduce the output of carbon emissions and produce renewable energy without the use of fossil fuels. This translates to slowing down climate change and cleaning up our atmosphere for a healthier planet for all.
About Ocean Thermal Energy Corporation
OTE is a Lancaster, Pennsylvania-based company that designs and develops deep- water hydrothermal clean-energy systems which produce fossil-fuel free electricity through Ocean Thermal Energy Conversion (OTEC), and environmentally friendly cooling through Seawater Air Conditioning (SWAC) without the use of fossil fuels. An important part of the technology is the production of large amounts of water for drinking, aquaculture, agriculture, and economic development.
OTE's technology is ideally suited to tropical and subtropical regions of the world -- where about 3 billion people live. It utilizes the natural temperature differential in oceans to generate base-load, 24/7, clean, non-polluting electricity, as well as alternative, energy-efficient cooling systems and fresh water, the latter of which is essential for the entire world, particularly developing communities.
For additional information regarding OTE, please visit the company's website at www.otecorporation.com.
Safe Harbor Statement
Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release regarding OTE's plans or expectations constitute forward-looking statements. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, without limitation: a decision by any of the interested parties to not enter into a definitive power purchase agreement; the inability of the parties to successfully negotiate and enter into a definitive power purchase agreement; the inability of the parties to meet every closing condition contained in such definitive power purchase agreement and the protection and maintenance of OTE's intellectual property rights.
Additional information and factors that could cause actual results to differ materially from those in the forward-looking statements are contained in OTE's periodic reports filed with the Securities and Exchange Commission under the heading "Risk Factors." Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and the facts and assumptions underlying the forward- looking statements may change.
Except as required by law, OTE disclaims any obligation to update these forward-looking statements to reflect future information, events or circumstances.
SOURCE Ocean Thermal Energy Corporation