Aqua Metals Inc logo

AQMS - Aqua Metals Inc News Story

$2.62 -0.2  -7.4%

Last Trade - 05/05/21

Sector
Basic Materials
Size
Small Cap
Market Cap £138.7m
Enterprise Value £130.4m
Revenue £64.8k
Position in Universe 4557th / 6846

Aqua Metals to Receive Additional $3.4M Insurance Payments

Wed 14th April, 2021 1:00pm
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210414:nGNXbLlK2K&default-theme=true


MCCARRAN, Nev., April 14, 2021 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:
AQMS) ("Aqua Metals" or the "Company"), which is reinventing metals recycling
with its AquaRefining™ technology, today announced an initial payment
towards its business interruption insurance claim. A payment of approximately
$1.4 million will be made from the third layer of insurance, completing the
total amount due from this insurance layer. An initial $2.0 million is also
anticipated to come from the fourth and final insurance layer. This layer has
a payment range of up to $25 million. Future insurance proceeds from the
business interruption and property claims are anticipated based on current
estimates and calculations. The Company has now collected or secured a total
of $27.0 million of insurance proceeds related to the November 2019 fire
event.

Aqua Metals also confirmed that ongoing discussions with potential licensees
and equipment supply partners are advancing. Product development continues
with the Company currently operating two Aqualyzers simultaneously. Aqua
Metals is also continuing to make progress in research and development related
to applying AquaRefining technology to lithium-ion recycling.

“We are pleased with the latest progress payments from our insurance
provider and the contribution it makes to a strong financial position that
allows us to continue to operate in full on all fronts including business
development, R&D, and product development. We are also happy with the
commencement of our plant lease-to-buy agreement which allows us to remain in
the facility while continuing to operate and fine-tune our AquaRefining
technology during a transition phase with the plant’s new occupant,” said
Steve Cotton, President and CEO of Aqua Metals. “Further, our discussions
with potential AquaRefining technology license partners have continued to
progress. We are in advanced discussions with several strong candidates
regarding AquaFit retrofits, greenfield builds, direct to oxide applications
and will keep the market updated this quarter with new developments.”

About Aqua Metals

Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its
patented hydrometallurgical AquaRefining™ technology. Unlike smelting,
AquaRefining is a room temperature, water-based process that emits less
pollution. The modular Aqualyzers™ cleanly generates ultra-pure metal one
atom at a time, closing the sustainability loop for the rapidly growing energy
storage economy. The Company’s offerings include equipment supply, services,
and licensing of the AquaRefining technology to recyclers across the globe.
Aqua Metals is based in McCarran, Nevada. To learn more, please visit:
www.aquametals.com.

Safe Harbor

This press release contains forward-looking statements concerning Aqua Metals,
Inc. Forward-looking statements include, but are not limited to, our plans,
objectives, expectations and intentions and other statements that contain
words such as "expects," "contemplates," "anticipates," "plans," "intends,"
"believes", "estimates", "potential" and variations of such words or similar
expressions that convey uncertainty of future events or outcomes, or that do
not relate to historical matters. The forward-looking statements in this press
release include our expectations for the benefits of our new methodology for
producing battery manufacturing ready active material and the future of lead
acid battery recycling via traditional smelters. Those forward-looking
statements involve known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially. Among those factors are:
(1) the risk that we may not be able to satisfactorily demonstrate to
potential licensees the technical and commercial viability of our V1.25
electrolyzer and AquaRefining process; (2) the risk that licensees may refuse
or be slow to adopt our AquaRefining process as an alternative to smelting in
spite of the perceived benefits of AquaRefining; (3) the risk that we may not
realize the expected economic benefits from any licenses we may enter into;
(4) the risk that we may not be able to access additional capital as and when
needed; and (5) those other risks disclosed in the section "Risk Factors"
included in our Annual Report on Form 10-K filed on February 25, 2021 and
subsequent SEC filings. Aqua Metals cautions readers not to place undue
reliance on any forward-looking statements. The Company does not undertake,
and specifically disclaims any obligation, to update or revise such statements
to reflect new circumstances or unanticipated events as they occur, except as
required by law.

Contact: Glen Akselrod, Bristol Capital
(905) 326-1888, Ext. 1
glen@bristolir.com



(https://www.globenewswire.com/NewsRoom/AttachmentNg/871fef23-e7df-4995-ba01-56582ad62f9e)



GlobeNewswire, Inc. 2021
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.