RCS - Pacific Green Tech. - PGMT SELLS 16 SCRUBBER SYSTEMS TO UML FOR US$29.4M

Pacific Green TechnologiesAnnouncement

27/09/2018 14:45

RNS Number : 2094C
Pacific Green Technologies Inc.
27 September 2018
 


PGMT SELLS 16 SCRUBBER SYSTEMS TO UML FOR US$29.4M
SAN JOSE, CA / ACCESSWIRE / September 27, 2018 / Pacific Green Technologies Inc. ("PGTK") (OTCQB: PGTK) through its wholly owned subsidiary, Pacific Green Marine Technologies Inc. ("PGMT"), has executed a sale and purchase agreement dated September 10, 2018 with Union Maritime Limited ("Union") pursuant to which PGTM will manufacture and install its ENVI-MarineTM System on up to sixteen vessels between now and March 2020 for a total value of approximately US$29.4m.
The objective of the Union Agreement is to provide Union as much flexibility as possible for them to manage and trade their fleet while at the same time maximising chartering opportunities.
The Union Agreement provides Union with date and vessel flexibility on a vessel by vessel basis provided sufficient notice has been given and, for cancellations, cancellation fee provisions in favour of PGMT.
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The company's strategy is to build through organic development and acquisition, a portfolio of patented competitive cutting-edge technologies designed to meet increasingly stringent environmental standards. 
For more information, visit PGT's website:
www.pacificgreentechnologies.com
Contact:
Neil Carmichael, President and Director 

Pacific Green Technologies 

T: +1 (408) 538-3373
About Union Maritime Limited
Union Maritime is a UK based tanker owner and operator, focused on the global clean product and light chemical markets.
For more information, visit Union's website:
https://www.unionmaritime.com
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that PGT's emission control system has significant potential to be a market leader in China.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the JV with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Released September 27, 2018
SOURCE: Pacific Green Technologies Inc.
 




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