Operations commencing soon
Westminster, CA, March 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BioLargo, Inc. (OTCQB:BLGO), developer of sustainable technologies and a full-service environmental engineering company, announced today that its joint venture with BKT and Tomorrow Water has been finalized and the required investment funds have been transferred from BKT to BioLargo. The newly formed joint venture in South Korea will manufacture and support the distribution of odor and volatile organic compound (VOC) control products based on CupriDyne® Clean, the award-winning air quality control product produced by BioLargo’s subsidiary Odor-No-More, Inc., for the South Korean market.
Pursuant to the terms of the executed Joint Venture Framework Agreement, BKT has purchased $350,000 worth of BioLargo common stock. The parties are funding the joint venture with $150,000 from BKT and Tomorrow Water and $100,000 from BioLargo. Operations of the newly formed joint venture entity are expected to begin shortly. The parties have worked together for months to exchange information and product training, work with prospective customers, perform testing, clear any safety requirements required by the local authorities, set up physical headquarters in South Korea, secure supply chain relationships, and establish logistics surrounding distribution of CupriDyne Clean-based products in South Korea. These efforts have been underway for some time and will enable the joint venture to commence manufacturing forthwith as customers come on board.
BKT is a leading wastewater treatment solutions provider operating in the USA, South Korea and Vietnam with a reputation for adopting innovative, environmentally sustainable technologies and practices. Headquartered in Daejeon, South Korea, BKT has an extensive distribution network throughout Southeast Asia.
CupriDyne Clean is Odor-No-More’s patented product that controls odors and VOCs at a host of industrial sites like landfills, transfer stations and wastewater treatment operations. The company currently serves the largest waste handling companies in the United States. CupriDyne Clean is lauded for its gentle, non-toxic, eco-friendly, non-pesticide formula that works by eliminating odor-causing compounds rather than masking them. It is proven effective at eliminating air contaminants such as hydrogen sulfide (H2S), terpenes, and other VOCs.
CEO and Founder of BKT and Tomorrow Water, Dong Woo Kim, commented, “The CupriDyne Clean product performance is unmatched in the marketplace. Due to its geographic location and its excellent social infrastructure, Korea will become a gateway to the Asian market. We are pleased to work with the team at BioLargo and look forward to a long-lasting partnership. We look forward to sharing the name of the joint venture as we officially launch the products soon.”
Odor-No-More President and VP of Operations for BioLargo, Joseph Provenzano, commented on the launch of the joint venture, “CupriDyne Clean has been a breakout hit among operators in the waste handling industry in the US, and we expect it to be well-received in South Korea. Our products performed extremely well in BKT’s testing for wastewater applications, and we anticipate the product will quickly make life easier for South Korean operators.”
President and CEO of BioLargo, Dennis P. Calvert, commented, “We are pleased to be working with the leadership team at BKT and Tomorrow Water. We anticipate that many more opportunities will arise to develop mutual business together, and we have begun those discussions."
About BioLargo, Inc.
BioLargo, Inc. is an innovator of technology-based products and environmental engineering solutions provider driven by a mission to “make life better”. We feature unique disruptive solutions to deliver clean air, clean water and a clean, safe environment (www.biolargo.com). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial odor control division, Odor-No-More (www.odornomore.com) features CupriDyne Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing compounds and VOCs rather than masking them, and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System "AOS," a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. We are a minority stockholder of and licensor to our subsidiary Clyra Medical (www.clyramedical.com), which features effective and gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
About BKT, Tomorrow Water
BKT is a leading environmental solutions provider, specialized in biological treatment, physical filtration and integrated process design. With over 20 years of experience, BKT is committed to solving the world’s challenges of today, while designing comprehensive solutions for the needs of tomorrow. Our Proteus BBF Biofilitration (https://www.tomorrowwater.com/technology-bbf) is a proven technology that combines physical and biological filtration for advanced primary treatment, which also can be applied to secondary and tertiary treatment process. Proteus (BBF), when applied primary treatment, shrinks existing process footprints up to 80%, while maximizing economic benefits such as carbon diversion and more energy production. Our unique 2-stage AMX™ (https://www.tomorrowwater.com/technology-amx) is the most resilient Anammox system and is pioneering new shortcuts in nitrogen removal. With our diverse portfolio of technologies and dedicated team of researchers and engineers, we strive to maximize recovering the most value from waste and wastewater, while minimizing the environmental impact of it.
Contact Information
Dennis P. Calvert
President and CEO, BioLargo, Inc.
888-400-2863
Safe Harbor Act
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
