BEIJING, Oct. 15 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides leading turn-key solutions in China for water resources, water and wastewater treatment, industrial safety and the pollution control markets, announced today that it has entered into an international distribution, services and cooperation agreement with Hydration Technology Innovations, LLC (HTI). Oregon-based HTI is the world's only commercial manufacturer of forward osmosis membranes, modules and systems.
According to the agreement, which covers sales within the People's Republic of China, Tri-Tech will sell and integrate the HTI licensed technology such as forward osmosis (FO) modules into complete system packages with related ancillary services including engineering, management, construction, design and consulting. The agreement licenses the use of HTI technology in Tri-Tech products as well as the products of others. In addition, Tri-Tech is licensed to distribute HTI's Personal Hydration Products.
Tri-Tech and HTI are currently working together to prepare a proposal for a landfill leachate treatment project in North China. Both companies will work closely and develop technology and engineering expertise in municipal and industrial wastewater treatment and reuse, water purification, seawater desalination, and sludge concentration and dewatering.
Tri-Tech President Phil Fan said, "To increase our competitive edge as a total solution and technology provider in the marketplace, Tri-Tech is very active in research and development. Our new cooperation agreement with HTI allows Tri-Tech to offer our customers one of the most innovative technologies in the world. HTI is the global leader and pioneer in the manufacture of commercial forward osmosis (FO) membrane material and also brings expertise in membrane filtration wastewater treatment systems integration and installation. HTI's more than 20 years of experience in research and development of advanced separation membrane manufacturing, and water filtration and recycling will be valuable for both parties as we pursue business opportunities in China."
HTI CEO Walter Schultz said, "We are very pleased with this cooperation agreement with Tri-Tech. Tri-Tech is positioning itself as a leading provider of wastewater systems in the growing Chinese market, and its management and engineers have demonstrated the forward thinking and creativity we seek in strategic partners. HTI is fully prepared to support Tri-Tech with its development of forward osmosis landfill leachate treatment systems as well as all other market segments."
Tri-Tech CEO Mr. Warren Zhao said, "We expect the introduction of FO technology in China will generate valuable new business opportunities for both HTI and Tri-Tech. We also believe that, with strong integration of the leading FO membrane technology from HTI and excellent engineering and marketing capabilities from Tri-Tech, our new technology-oriented products and services could see increased demand in the fast-growing water and wastewater market in China."
The parties anticipate that it will be necessary for purposes of testing, sales demonstration and customer evaluation that Tri-Tech construct and operate one or more FO pilot units incorporating the licensed technology. Tri-Tech is authorized and licensed to construct and operate such pilot units in both municipal and industrial sites for wastewater treatment testing, demonstration and evaluation.
HTI's FO technology is unfamiliar to most wastewater engineers and requires a specialized knowledge set that must be developed over time and experience with the products. For an initial period of one year, HTI will provide on-site application engineering support and training to Tri-Tech's engineers, as needed, on a project-by-project basis, at a reduced rate plus expenses at cost without markup.
About HTI's Forward Osmosis Technology
In state-of-the-art plant facilities located in Albany, Oregon, HTI manufactures a proprietary forward osmosis membrane material that allows water to migrate through the membrane, powered only by a draw solution on the clean water side of the membrane, leaving behind virtually all contaminants.
Osmosis is a natural process where liquids seek equilibrium when separated by a membrane or the wall of a cell, similar to the way water moves from soil into the roots of a tree. In the forward osmosis process water molecules flow through HTI's membrane, but do so without the need for high pumping pressure found in many traditional filtration systems. Thus, forward osmosis filtration systems use very little energy, are constructed from relatively low cost materials and are capable of filtering highly contaminated dirty water, even those containing high solid concentrations, without plugging. For more information visit www.htiwater.com.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems (SCADA). The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. The company is also moving into the industrial safety and pollution control market. Tri-Tech owns 15 software copyrights and two technological patents and employs over 200 people. Please visit http://www.Tri-Tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the:
- successful negotiation of the proposal for a landfill leachate treatment project in North China;
- successful completion of FO pilot units;
- successful development of business opportunities utilizing the services and technologies of both parties; and
- other statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts.
These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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SOURCE Tri-Tech Holding Inc.