China Manufacturer Agrees to Pay $1 Million for Rights to Joint Venture with OriginClear Hong Kong
OriginClear
Inc. (OTC/QB: OOIL),
a leading provider of water treatment solutions, and its master licensee
for China, OriginClear Hong Kong (OCHK), today announced that OCHK
recently signed a binding Memorandum of Understanding (MOU) to launch a
sales joint venture (JV) in the People’s Republic of China and the
Republic of China (Taiwan). The JV partner is Mr. Ming Xu, an inventor
and owner of a ceramic materials factory in mainland China.
Under the MOU, Mr. Xu committed to payments totaling $1 million over two
months to purchase the rights to the JV, and has already completed the
first payment to OCHK of $150,000.
“I am very happy with the speed of commercialization in China,” said Riggs
Eckelberry, OriginClear CEO. “Mr. Xu’s commitment to our JV, as well
as his strict timeline to launch the manufacturing plant, demonstrate to
us that the technology is really in demand. My congratulations to the
whole OriginClear
Technologies™ team for this achievement!”
Under the MOU, Mr. Xu and OCHK plan to form a joint venture in China,
intended to be a licensee of OCHK. The JV will sell equipment using
OriginClear technology for People’s Republic of China and Taiwan
markets. The partners intend to name the company OriginClear (China) and
the MOU calls for Xu Ming to transfer 25 percent of its ownership and
profit share to OCHK, in addition to meeting a royalty schedule.
Finally, the JV will continue the development of the China-based
manufacturing capability.
“While we continue to set up the manufacturing operation, we are
demonstrating Electro Water Separation™ throughout China for specialty
waste water treatment and algae harvesting,” said ‘JL’
Kindler, President of OriginClear Technologies, and Managing
Director of OriginClear (Hong Kong). “We believe China is ripe for
advanced water solutions, as it has reportedly
budgeted $330 billion to address the problem, and Mr. Xu’s commitment to
OriginClear will help us reach this fast-growing demand.”
To enable Mr. Xu’s participation, OCHK agreed to release the previously-announced
Chinese precision manufacturer’s binding investment schedule in OCHK and
to cancel all rights initially granted to that investor. The parties
have agreed to convert the investor’s first payment of $100,000, made in
September, into restricted shares in OriginClear, Inc. With this
conversion, OriginClear (Hong Kong) will once again be a wholly-owned
subsidiary of OriginClear, Inc.
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About OriginClear, Inc.
OriginClear is a leading provider of water treatment solutions and the
developer of a breakthrough water cleanup technology serving the rapidly
growing $500 billion world market. Through its wholly owned
subsidiaries, OriginClear provides systems and services to treat water
in a wide range of industries, such as municipal, pharmaceutical,
semiconductors, industrial, and oil & gas. To rapidly grow this segment
of the business, we strategically acquire profitable and well-managed
water treatment companies, which allow us to expand our global market
presence and technical expertise. To enable a new era of clean and
socially responsible water treatment solutions, we invented Electro
Water Separation™, a breakthrough high-speed water cleanup technology
using multi-stage electrolysis, that we license worldwide to water
treatment equipment manufacturers. Water is our most valuable resource,
and the mission of the “Family of OriginClear Companies” is to improve
the quality of water and help return it to its original and clear
condition. To learn more about OriginClear®, please visit our website at www.originclear.com.
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. When used in this update, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions identify
such forward-looking statements. Actual results, performance or
achievements could differ materially from those contemplated, expressed
or implied by the forward-looking statements contained herein. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated with
our history of losses and our need to raise additional financing, the
acceptance of our products and technology in the marketplace, our
ability to demonstrate the commercial viability of our products and
technology and our need to increase the size of our organization.
Further information on the Company's risk factors is contained in the
Company's quarterly and annual reports as filed with the Securities and
Exchange Commission. The Company undertakes no obligation to revise or
update publicly any forward-looking statements for any reason.
Abstract:
China manufacturer agrees to pay $1 million for rights to joint venture
with OriginClear Hong Kong; new partner pledges $1 million over two
months and completes first payment of $150,000
Key Words:
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renewable crude oil, algae extraction, Oil Services, Water Cleanup,
Water Service
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