Comprehensive Design-Build-Operate Project to Upgrade Stormwater Outfall Pipes
Scottsdale, AZ, – July 2, 2013 – (eTeligis via ACCESSWIRE) -- Abtech Holdings, Inc. (ABHD), a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination, today announced that it has been awarded a project for the installation of stormwater systems in the U.S. Northeast. The award gives AbTech a complete Design-Build-Operate project to install new water treatment systems in multiple stormwater outfall pipes that are discharging contaminated water. The project, which commences during summer 2013, is structured as a not-to-exceed $12 million, multi-phase program consisting of site assessment and design, installation, and ongoing Operations and Maintenance (O&M). It is anticipated that all design, construction and installation would be completed within the first year with O&M currently authorized for the remainder of the three-year project term. However, such O&M is extendable beyond the initial three-year term. The project may also be increased to include additional sites under the existing authorization, expanding the scope and size of the project award.
"The awarding of this project to Abtech marks a material milestone in the development of our business. Our business model is evolving from a product sale company to a comprehensive stormwater system solution provider. AbTech's revenue sources are expanding beyond its core technologies to include revenue from design, installation and maintenance services, as well as sales of equipment from other manufacturers in conjunction with key distribution partners. As a result, our addressable market has expanded to include larger infrastructure, engineering and technology opportunities," commented AbTech's Executive Vice President of Corporate Strategy and Business Development, Bjornulf White. "Stormwater contamination is gaining increased attention by many communities, particularly in coastal towns where unmitigated stormwater/flood water fueled public health concerns over water contamination in the aftermath of heavy storms such as Hurricane Sandy. AbTech's integrated approach to providing comprehensive and affordable water management solutions that also offer an antimicrobial capability is quickly gaining recognition, as administrators search for effective solutions to a growing water problem."
Commenting on the company's first large scale system installation, Glenn Rink, CEO of AbTech stated, "This award places AbTech in a leading position to address all sizes of stormwater contamination projects. There are a number of other communities that are experiencing similar stormwater problems that also have access to government funding and are already in contact with us. This award is a demonstration of the progress we have made not just in marketing our technology, but also in understanding the needs of our market and creating a comprehensive structure that effectively addresses those needs."
Yvonne L. Zappulla
Grannus Financial Advisors, Inc.
Glenn R. Rink
Chief Executive Officer
Abtech Holdings, Inc.
ABOUT ABTECH HOLDINGS, INC. (ABHD) AND ABTECH INDUSTRIES, INC.
AbTech Industries, Inc. (a subsidiary of AbTech Holdings Inc.) is a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination. Its products are based on polymer technologies capable of removing hydrocarbons, sediment and other foreign elements in stormwater runoff (ponds, lakes and marinas), flowing water (curbside drains, pipe outflows, rivers and oceans), and industrial process and wastewater. AbTech's offerings include the ground-breaking new antimicrobial technology called Smart Sponge(R) Plus. This technology is effective in reducing coliform bacteria found in stormwater, industrial wastewater, and municipal wastewater. Smart Sponge(R) Plus is registered with the Environmental Protection Agency (Registration #86256-1). AbTech's teams of water treatment technology experts, civil and environmental engineers, and field operations specialists develop solutions to improve the quality of our limited water resources. AEWS Engineering (a subsidiary of Abtech Holdings, Inc.), is an independent engineering civil and environmental engineering firm partnered with top research and engineering universities. By focusing on bringing new engineering and technology innovation to the water infrastructure sector, AEWS is positioned to be at the forefront of stormwater Best Management Practices development and to deliver the latest in design excellence to its customers. For more information please visit www.abtechindustries.com. More information on AEWS Engineering can be found at www.aewsengineering.com.
This news release contains "forward-looking statements" which are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of 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.
SOURCE: AbTech Holdings