GUELPH, ON Aug. 9 /PRNewswire-FirstCall/ - BIOREM Inc.
("Biorem" or "the Company") (TSX-V: BRM), a leading clean
technology company that designs and supplies high-efficiency
biological-based air emissions control systems, announced today the
receipt of a significant new order from Sinopec, of China valued at
CAD $520,000.
Under the terms of the contract, Biorem's proprietary technology
will be used to remove Ammonia, Volatile Organic Compounds (VOCs)
and Hydrogen Sulfide (H2S), at a Sinopec refinery in southern
China. Biorem estimates the global industrial VOC market to be
$1.6 billion with China being one of
the most important markets.
China Petroleum & Chemical Corporation ("Sinopec") is
China's largest producer and supplier of oil and petrochemical
products, specializing in the exploration and production of oil and
natural gas, oil refining and distribution, production and sales of
chemicals. It ranked 17th in the 2007 Fortune Global 500 and 1st
place among China Top 500
companies.
"This order reflects the growth potential for our air emission
control technologies in the Chinese market. It demonstrates the
impact that our presence in China is having to drive new business
and our ability to form relationships and successfully leverage our
world-class technology to gain positive returns," said Peter Bruijns, President and CEO. "Sinopec is
one of China's largest integrated energy and chemical companies. As
a new client, we believe there are additional potential
opportunities for our technology within the global Sinopec family
of companies."
Biorem has established a Wholly Foreign Owned Enterprise (WFOE)
in China which enables the company to compete successfully against
regional competitors. In addition, the WOFE allows Biorem to source
components for the project locally and to manage the project from
its offices in Beijing.
About BIOREM Inc.
Biorem is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency biological-based air emissions control systems.
These systems are used to eliminate odors, volatile organic
compounds (VOCs) and hazardous air pollutants (HAPs), and for the
conditioning of biogas renewable energy. With sales and
manufacturing offices across the continent, a dedicated research
facility, a worldwide sales representative network and more than
600 installed systems worldwide, Biorem not only offers
state-of-the-art technology-based products but also peace of mind
for municipalities, industrial companies and their surrounding
communities. Additional information on Biorem is available on our
website at www.biorem.biz.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements based on
current expectations. These forward-looking statements contain
various risks and uncertainties that could cause actual results to
differ materially from those reflected in the forward-looking
statements. Risks and uncertainties about the Company's business
are more fully discussed in the disclosure materials, financial
statements and MD&A filed with the securities regulatory
authorities in Canada on
www.sedar.com
Non-GAAP Measures
"Order Bookings" and "Order Backlog" do not have any
standardized meaning prescribed by Canadian generally accepted
accounting principles ("GAAP") and may not be comparable to
measures presented by other companies.
Order Bookings and Order Backlog are non-GAAP measures that the
Company uses to evaluate its sales performance. Order Bookings are
those binding contracts that the Company enters into with a third
party for the delivery of our products or services. As Order
Bookings are received, the contract value (before any associated
sales taxes) is included in the Order Backlog. The Order Backlog is
reduced by the revenue that is recognized on each project.
SOURCE Biorem Inc.
Copyright g. 9 PR Newswire