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VANCOUVER, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the "Company"), a world leader in the energy transfer of wastewater, is pleased to announce the Company's PIRANHA and PIRANHA HC T5, T10 and T15 Wastewater Energy Transfer (“WET”) Systems has been selected by Sustainable Living Innovations (“SLI”) for six new projects in design or under construction.
Seattle-based Sustainable Living Innovations, Inc. uses patent-protected panelized pre-fabricated building technology and cutting-edge energy-saving systems to construct some of the world's most carbon-neutral residential buildings. Sustainable Living Innovations installed SHARC Energy's PIRANHA T15 in their 303 Battery project in Seattle, which contributed to the residential tower being the first multifamily tower in the world certified as Net Zero Energy by the International Living Future Institute.
"The inclusion of PIRANHA and PIRANHA HC T5, T10, and T15 WET Systems in SLI’s residential projects is a testament to how SHARC Energy's technology, which transfers thermal energy using wastewater as a source, can help curb carbon emissions while producing reduced costs for multi-family residential heating and cooling. We are pleased to support SLI’s mission to construct the most environmentally sustainable residential buildings globally," says Lynn Mueller, Chief Executive Officer, SHARC Energy.
"Working with SHARC Energy and choosing their wastewater energy transfer solutions for our residential buildings supports our mission of being a world leader in sustainable developments by reducing fuel consumption, lowering electricity use and carbon emissions. SHARC Energy's technology gives our buildings a powerful green advantage," says Arlan Collins, Chief Executive Officer of SLI.
The PIRANHA WET system is an electrical hot water system that extracts thermal energy from wastewater and uses it to provide 100% of its hot water production at an average year-round efficiency of 400%. Every dollar of energy used to operate the system generates four dollars of output. The PIRANHA HC almost doubles that efficiency as this model provides simultaneous cooling as a by-product of hot water production. There are nearly 30 SHARC and PIRANHA WET systems installed or in progress in the United States, Canada, United Kingdom, and Australia helping residential and commercial buildings and district energy systems meet their sustainability goals.
SHARC Energy has received a purchase order from California-Columbia Hydronics Corporation ("CHC") for the first of six projects, which is a PIRANHA T5 HC for SLI's new project in Seattle at 8601 Aurora Avenue. The remaining five projects currently in the design phase are anticipated to use a mix of 7 PIRANHA and PIRANHA HC T10 and T15’s for the various project’s heating and cooling needs and have expected shipment dates in 2023.
About SHARC Energy
SHARC International Systems Inc. is the world leader in energy recovery from wastewater. SHARC Energy's systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling and hot water production for commercial, residential, and industrial buildings.
Issuance of Stock Options and Restricted Stock Units (“RSU”)
The Company announces that it has granted 1,104,522 stock options and 2,040,108 RSU to Officers, Directors, Employees and Consultants at an exercise price of $0.335. The stock options will be exercisable for 5 years and the RSU will expire by December 31, 2024.
ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer
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The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy's actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove correct, and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as applicable.
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