SAN JOSE, CA – March 22nd, 2016 - Pacific Green Technologies China Limited (“PGTC”) a subsidiary of Pacific Green Technologies Inc. (OTCQB: PGTK) is pleased to announce that PGTC and POWERCHINA SPEM Co., Limited (“POWERCHINA SPEM”) have agreed to identify and source complimentary new environmental technologies alongside the ENVI emission systems to be distributed through the Commercial Joint Venture Agreement (“JV”) in the China market.
The JV partnership which is marketed in China as “Pacific Green Technologies Power China SPEM” signed in November 2015 sets out the terms for PGTC and POWERCHINA SPEM to co-operate exclusively in the PRC for ten years to develop the ENVI-Clean™ and ENVI-Pure™ emission control systems to become the market leader in the Coal Fired Power, Steel Works, Cement Works and Waste to Energy industry sectors.
Alex Shead, Chief Executive of PGTC, commented:“We are setting up our joint offices in Shanghai and are in various stages of quotations to supply ENVI Systems to power plants with a combined output of 4,400 MWe. This reinforces our vision to be the market leader in the Emissions Control sector inChina.”
Ken McClelland, inventor of the ENVI emission control systems and PGT’s Head of Technical Services said: “The profile of emissions and other environmental controls is clearly at the top of China’s industrial agenda today. It makes sense for us to develop a ‘one stop shop' of industry leading emission control technologies in partnership with POWERCHINA SPEM. Since our original JV announcement we have been approached to represent numerous western technologies into China through our State Owned Enterprise relationship and now with POWERCHINA SPEM’s directive we can see vast scale of economic benefits as we expand.”
Neil Carmichael, Chief Executive of Pacific Green Technologies Inc., commented: “Our JV platform gives us an ideal structure for the distribution of other environmental technologies. Given the often reported difficulties that western companies encounter in China we are confident that this will be a great opportunity for PGT to leverage its relationship with one of the largest state owned enterprises in China.”
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focussed 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.
Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373
About POWERCHINA SPEM Co. Ltd
POWERCHINA SPEM is a subsidiary of POWERCHINA, the largest power equipment manufacturer in the PRC. With abundant resources, expertise, strong manufacturing capacity, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy PGTtechnologies throughout the PRC.
Mr Lin Yongxiang
Deputy General Manager, Chief Engineer
POWERCHINA SPEM Co., Ltd
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 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.