Denver, CO (GLOBE NEWSWIRE) - Umbra Applied Technologies Group, Inc (OTC Pink: UATG) subsidiary, H2O Processing, Inc., an advanced water treatment technology company, announced today that it has formed a new joint venture company with its strategic partner Precision Process Design and Mechanical, Inc (PPD&M Inc), a Texas based water filtration technology company. The new company, H2O Process Engineering, LLC, a Colorado based Limited Liability Company, will be equally owned and managed by the two strategic partners.
H2O Processing Chief Executive Officer, Stan Abrams stated, “This new partnership will combine the best that both companies have to offer under one roof so that we can treat a wider selection of contaminated water”.
The new company will benefit from proprietary technologies owned by both parent companies and will service a full range of water treatment needs that are currently either not available or cost-effective based on existing technologies in the oil and gas sector. The new joint venture is currently targeting the Marcellus Shale region in the United States. The Marcellus Shale runs across the Southern Tier and Finger Lakes regions of New York, in northern and western Pennsylvania, eastern Ohio, through western Maryland, and throughout most of West Virginia.
PPD&M, Inc Chief Executive Officer, Farid Gozashti stated, “H2O Processing Engineering is the culmination of decades of experience and delivers advanced proprietary technologies within a one-stop firm. We will now be able to treat water that until now has either been impossible or not realistic from a cost perspective”.
H2O Processing Engineering is currently compiling its joint technologies and will begin the process of filing additional patents on two of its new technologies, a high-performance filter (HF) and new evaporator unit that will expand the company’s capabilities so that it can treat various water mediums regardless of total dissolved solids count or particulate matter contained therein. These new technologies carry with them the potential to save existing oil companies millions of dollars a day in water discharge and treatment costs.
Chairman of H2O Processing parent company, UAT Group, Alex Umbra commented, “This new company will not only ameliorate the environmentally impact of existing fracking and/or drilling operations, it will make such efforts more cost-effective to do so. With fuel prices on the rise, these new technologies will help to reduce operational costs so that a savings can be passed on to consumers. The cost savings to existing operators is that significant”.
Oil companies currently operating in this region typically produce 250,000 barrels a day of wastewater that needs to be treated or disposed of. Current estimates to dispose of wastewater start around $9-$11/barrel and exceed as much as $40/barrel. H2O Processing Engineering estimates that it can treat and return water for use back to the operators at a cost savings of 70%. With such a dramatic cost savings unrivaled in the industry, the new joint venture will be poised to save oil companies millions of dollars daily.
The new joint venture anticipates potential six-figure revenues per operational day, with year one estimates reaching eight figures. The company will be releasing guidance for years 1-3 in the coming months, as well as environmental impact savings per region, once operational.
H2O Processing, Inc Chief Operating Officer, Brett Abrams said, “This technology not only delivers an operational cost savings, it also delivers a more environmentally friendly process of treating water that reduces the impact to the surrounding areas”.
For more information about H2O Processing, Inc.,visit: https://h2oprocessing.com/
For more information, visit www.uatgroup.com
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About H2O Processing, Inc.
The company is located in Denver, CO and is an advanced water treatment technology company.
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This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and/or a secondary listing as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that is subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of H2O Processing, including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. H2O Processing does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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