CARLSBAD, Calif. and SEOUL, Korea, Dec. 12, 2017 /PRNewswire/ -- OPTEC International, Inc. (OTC: OPTi) confirmed today the company signed an LOI (Letter of Intent) to establish OPTEC KOREA as a joint venture with Hephzibah. The joint venture will provide the revolutionary IONAIRTM technology and Fuel Maximizer solutions to address South Korea's deteriorating air quality.
This joint venture partnership will combine OPTEC's innovative IONAIRTM and Fuel Maximizer technologies with Hephzibah's 30 years of manufacturing and commercial experience to meet the unique needs of the Korean market. The joint venture partnership will operate as "OPTEC KOREA" and will be based in Seoul, South Korea and will begin operations in early 2018.
The increasing air pollution has become an urgent issue for South Korea. The South Korea government has committed to curb polluting emissions stemming from industrial plants and automobiles. In a recent OECD report, South Korea's average exposure to fine dust particles under 2.5 (PM2.5) was the highest of all OECD member nations. The government has pledged to reduce domestic emissions of PM2.5 by 30% by 2022. It will also crack down the emission of nitrogen oxide (NOx).
The Fuel Maximizer product is a patented, retrofit technology designed for modern combustion engines. It eliminates or substantially reduces harmful emissions, such as NOx, while simultaneously increasing performance and improving fuel economy. OPTEC's IONAIRTM technology has been tested in South Korea for fuel savings, emission reductions, engine noise and engine deposits on both passenger and commercial vehicle applications. In the US, the Fuel Maximizer products have also received a number of executive orders from the California Air Resources Board (CARB) by satisfying some of the most stringent testing requirements in the world.
"OPTEC KOREA represents strong commitment and synergies from each organization, delivering effective solutions in South Korea to combat air pollution and improve fuel economy. The test with LPG taxes delivered impressive results," commented Joseph Lee, President of Hephzibah. "The benefits of this technology will be implemented via electronic log monitoring and analysis of both the automobile and driving patterns, delivered through a leading telematics technology. This represents a total solution to improve fuel efficiency, driver behavior and reduce accidents. The technology has already proven to be very effective in North America," commented Craig Stein, Senior Director of Global Partnerships for OPTIMIZED Fuel Technologies. www.optecmpg.com
About Optec International.
OPTEC International, a subsidiary of Optimized Fuel Technologies, holds the exclusive international license for marketing and distribution of OPTEC Fuel Maximizer products outside of North America. The OPTEC Fuel Maximizer is a patented, powered by IONAIRTM technology solution. By improving the overall combustion process, it enables modern, combustion engines to substantially reduce unburned hydrocarbons and harmful emission while simultaneously increasing engine performance and fuel economy.
Hephzibah Co., Ltd. develops and manufactures various industrial products and electronic control solutions sold in South Korea and internationally under brand names such as Airrex and Veltz Energy. The company offers portable air conditioners, large packaged air conditioners, infrared ray heaters, industrial dehumidifiers, automotive gas analyzers, HEPA filtration machines, grid connected solar inverters, power converts and hybrid power generation systems. The company was founded in 1986 and has a well-established manufacturing base in Incheon, South Korea as well as worldwide distribution network. (www.hdtek.com)
This news release contains forward-looking statements concerning North American market growth, market share and expected revenues. These statements should be used with caution. They are subject to various risks and uncertainties, many of which are outside the company's control. The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated downturns in business relationships with customers or their purchases from us; the introduction of competing technologies; unexpected technical or marketing difficulties; and unanticipated further deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.
Optec International Inc.
SOURCE OPTEC International, Inc.