SAN JOSE, CA / ACCESSWIRE / Pacific Green Technologies Inc. ("PGT") (OTCQB: PGTK) Chief Executive Dr. Neil Carmichael's year-end statement:
"As we look into the new year, I wanted to summarize our achievements of the past year as our Group has successfully made the transition from a technology development company into a fully commercial operational company.
Our two key divisions of land-based China operations and Marine have demonstrated substantial accomplishments in successfully installing their first commercial, operational systems to clients in both divisions.
In January 2017, our first ENVI-CleanTM System to be sold through the Commercial Agreement between PGT and Chinese government-owned POWERCHINA SPEM was installed and operational at the Steelworks based in Jiangsu province, North West of Shanghai. This was the first installation of the Company's emission control technology in China delivering market-leading results.
In July 2017, ENVI-CleanTM System's performance and costs savings relative to our competitors motivated POWERCHINA SPEM to sign an MOU as an intent to incorporate a new Chinese company, with PGT holding 50.1%, to give PGT access to the vast distribution capabilities of the POWERCHINA Group, the largest power plant manufacturer in China. We are currently finalizing the incorporation of this company which will give us unparalleled access to the unrivaled distribution of the POWERCHINA Group in China and throughout Asia.
In parallel to the Joint Venture, PGT will also agree to a manufacturing contract with POWERCHINA SPEM enabling each of the PGT Group companies access to POWERCHINA's substantial engineering and manufacturing capabilities.
In September 2017, our Company's Marine Division successfully installed the ENVI-MarineTM System on Union Maritime's chemical tanker "The Westminster" delivering industry-leading results and demonstrating to our potential clients the substantial fuel savings from using 'bunker fuel' over converting to 'low sulphur fuel' as the International Maritime Organization's ('IMO') emission regulation comes into force from 1st January 2020. From that date forward the anticipated ROI for clients is around one year to eighteen months dependent upon the size and fuel capacity of their ships.
Over the next year, we will see an increase in management as we recruit new team members to assist us with delivering our growth in 2018 and beyond to support the expansion of each division.
As we reflect we can recognize this past year as the most substantial milestone of our Company's history that has established PGT at the forefront of both the Marine Exhaust Gas Scrubbing Industry and the China Power-Plant Emissions Control sector and gives us a platform to grow exponentially as countries and industries emissions regulations become more stringent.
The past years' achievements have been exciting but the next year looks to be substantially better with more announcements over the coming months as we conclude new agreements in our current divisions and as we enter new markets and agree more strategic partnerships.
We would like to thank all our shareholders, clients, partners and stakeholders for their support of Pacific Green Technologies, Inc. ("PGTK") and wish you all a successful and prosperous 2018."
Dr. Neil Carmichael
Chief Executive Officer