OriginClear Enters Into Joint Development and Commercialization Agreement with Park Rich Environmental Technology for the China Market
By Business Wire News
By Business Wire News
LOS ANGELES & HONG KONG
OriginClear, Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, today announced that its wholly-owned subsidiary, OriginClear Hong Kong (OCHK), has agreed that OCHK has entered into a Joint Development and Commercialization Agreement with Hong Kong-based water treatment engineering and manufacturing firm Park Rich Environmental Technology Co., Ltd. (Park Rich), based on specific purchase orders from time to time and upon the terms that the parties agree to. In February, OriginClear had also signed a distribution agreement with Park Rich affiliate, Jovial Technology.
“Park Rich are already the China agent for one of our most trusted marketing partners in the US, TriSep, which means they are players on the China water treatment market,” said Jean-Louis “JL” Kindler, President of OriginClear Technologies and Managing Director of OCHK. “Park Rich and its affiliate Jovial Technology have outstanding engineering and distribution resources in China and we look forward to a highly productive working relationship.”
Park Rich will showcase OriginClear’s technology in its booth #458, Hall 1, at the major water conference, Aquatech China, in Shanghai between June 15 and June 17.
OriginClear has also been nominated for China Blue Tech Awards, as organized by BlueTech Research and Mandarin Environment in partnership with Aquatech China.
“We have an ongoing distribution agreement with OriginClear HK via our sister company, Jovial Technology Ltd., and as we move along in our relationship, we are excited about the potential of EWS:AOx on the Chinese market,” said Terence Lam, CEO of Park Rich Environmental Technology. “We are glad to put our engineering expertise at work to help complete systems reach the market in a shorter period of time, as there is an acute need for this technology right now.”
Park Rich plans to take a leading role in the design and engineering of industrial water treatment systems that integrate OriginClear’s Electro Water Separation™ with Advanced Oxidation (EWS:AOx™) technology.
JL Kindler added, “Having now reached commercial stage, there is a critical need for integration engineering. As we build our knowledge base, a major part of the support we provide our licensees with is to guide them through our technology’s integration into existing processes. We found ourselves in a situation where we ended up designing complete water treatment systems, which is neither our role nor our expertise. With Park Rich’s understanding of our technology, we have found the perfect partnership that will benefit all our licensees, partners and of course our end-users.”
To enable this opportunity for a joint development and commercialization relationship with Park Rich, OCHK recently modified the agreement under which Mr. Ming Xu, an inventor and owner of a construction materials factory in mainland China, committed in a binding Memorandum of Understanding (MOU) to payments totaling $1,000,000 to purchase the right to launch a joint venture (JV) in the People’s Republic of China and the Republic of China (Taiwan) with OCHK, of which $150,000 has been paid. Mr. Xu agreed to the cancellation of his manufacturing and engineering rights, while retaining the license for a sales joint venture. Accordingly, the remaining $850,000 to be paid has been reduced to $500,000, of which $200,000 is to be paid by June 15, 2016 and $300,000 is to be paid by July 29, 2016.
Follow us on Twitter
Like us on Facebook
Signup for our Newsletter
About OriginClear, Inc.
OriginClear is a leading provider of water treatment solutions and the developer of a breakthrough water cleanup technology. Through its wholly owned subsidiaries, OriginClear provides systems and services to treat water in a wide range of industries, such as municipal, pharmaceutical, semiconductors, industrial, and oil & gas. To rapidly grow this segment of the business, we strategically acquire profitable and well-managed water treatment companies, which allow us to expand our global market presence and technical expertise. To enable a new era of clean and socially responsible water treatment solutions, we invented Electro Water Separation™, a breakthrough high-speed water cleanup technology using multi-stage electrolysis, that we license worldwide to water treatment equipment manufacturers. Water is our most valuable resource, and the mission of the “Family of OriginClear Companies” is to improve the quality of water and help return it to its original and clear condition. To learn more about OriginClear®, please visit our website at www.originclear.com.
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the statements that look forward contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company’s risk factors is contained in the Company’s quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
OriginClear enters into joint development and commercialization agreement with Park Rich Environmental Technology for the China market; Park Rich will showcase OriginClear’s technology at the major water conference, Aquatech China.
OriginClear, OriginClear Inc, OCLN, OOIL, China, Hong Kong, Mr. Ming Xu, Environmental Engineering, Electro Water Separation, EWS, Jean-Louis “JL” Kindler, Kindler, China Blue Tech Awards, Park Rich, Jovial Technology , TriSep, flow back produced water, frack, clean-frac, oil & gas, oil industry, fracking, oil drilling, waste water, algae appliance, Riggs Eckelberry, invest algae, Frack and Produced Water Cleanup System, new oil, algae oil, renewable oil, algae biofuel, chemical free process algae, algae commercialization, algae harvesting, renewable crude oil, algae extraction, Oil Services, Water Cleanup, Water Service
Toll-free: 877-999-6645 Ext. 3
International: +1-323-939-6645 Ext. 3