RadMax Technologies, Inc. and S. Korea based Trans Gas Solution Sign "Memorandum of Understanding"
SPOKANE, Wash., Oct. 01, 2019 (GLOBE NEWSWIRE) -- REGI U.S., Inc. (“REGI” or “RGUS” or "the Company") (OTCQB:RGUS), The Board of Directors, Regi U.S., Inc. and its wholly owned subsidiary, RadMax Technologies, Inc. (RadMax) are pleased to announce the signing of a memorandum of understanding (MOU) with Trans Gas Solution (TGS), a South Korean, global Liquefied Natural Gas (LNG) solution provider. The MOU was signed by executives of both companies while attending the Gastech 2019 Conference in Houston, Texas. It will be used to guide the development of RadMax rotary, axial vane devices for a variety of ground-breaking LNG projects and applications over the upcoming year.
“The MOU describes and confirms the companies’ decision to collaborate on the development of RadMax devices, custom designed for TGS’s intended applications. Those applications involve multiple devices encompassing a diverse group of LNG projects, including the highly publicized, LNG fuel bunkering infrastructure project,” explained Paul Porter, CTO of RadMax Technologies.
The LNG fuel bunkering project supports the International Maritime Organization’s (IMO) global initiative to implement more restrictive regulations on NOx and SOx emissions. Specifically, the IMO is implementing a 0.5% global sulphur cap on marine fuels starting January 01, 2020. To capitalize on the tightening regulations and the inherent environmental benefits of LNG, the industry must address the IMO’s concern that a seamless, global supply infrastructure does not currently exist. TGS intends to address this issue, starting in S. Korea by building an LNG fuel bunkering infrastructure that provides easy access to clean burning, lower cost LNG for all shipyards and ship operators of small to mid-sized vessels. A significant step toward establishing this infrastructure was made in March 2019, when TGS received an order from the S. Korean government’s Ministry of Oceans and Fisheries for the first LNG storage and bunkering barge, a key component of the prototype supply system to be built and tested.
"While the details pertaining to the number of projects and types of RadMax devices involved are confidential, we can state that all projects promote the environmental, cost and other beneficial properties of the RadMax devices and LNG to reduce GHG emissions and / or re-capture energy from sources not viable with incumbent technologies. RadMax is eager to begin work on this exciting collaboration with TGS to demonstrate the value and versatility of our devices and LNG," stated Paul Chute, CEO of RadMax Technologies.
ABOUT REGI U.S., INC RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is a research and development company in the mid stages of prototype testing towards commercializing a family of unique, axial vane devices built around a patented “common rotary core”. This common core can be easily configured into a broad range of innovative products that includes; gas expanders, compressors, pumps, and internal combustion engines / external combustion turbines. These devices can be utilized across numerous global markets and applications to recapture lost “Free” energy and help users improve efficiency, decrease size, weight and complexity in powering applications. In addition, reducing their energy consumption, costs and greenhouse gas emissions (GHGs) by using less energy, more efficiently. For more information, please visit www.radmaxtech.com
ABOUT TRANS GAS SOLUTION Trans Gas Solution (TGS) is a privately owned, South Korea based liquefied natural gas (LNG) solution provider founded in 2014. Trans Gas Solution, is the leader of South Korea’s liquefied natural gas (LNG) industry by providing gas engineering, procurement, and commissioning services, LNG fuel gas supply system, operator training systems, floating LNG power plants, and by developing marine LNG bunkering solutions to provide easy access to LNG fuel gas to shipyards, ship owners and ship operators. TGS is also an industry leader in designing and building LNG equipment as well as conducting R&D in order to provide advanced solutions to some of the LNG industries most pressing problems. For more information, please visit www.transgas.co.kr
Forward Looking Statements:
Statements in this press release regarding the business of and REGI U.S, Inc. (together the “Companies’”) which are not historical facts are "forward-looking statements" that involve risks and uncertainties, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Contact:
Regi U.S., Inc. Paul Chute, CEO / Board Chairman (509) 474-1040 info@radmaxtech.com 7520 N. Market St. STE # 10 Spokane, WA. 99217-7800
