Calgary, Alberta, Jul 13, 2022 (Newsfile Corp via COMTEX) -- Calgary, Alberta--(Newsfile Corp. - July 13, 2022) - Cleantek Industries Inc. /zigman2/quotes/200499473/delayed CA:CTEK +7.14% (" Cleantek " or the " Company ") is pleased to provide an update with respect to its industry marketing efforts and current operations. Cleantek is an innovative provider of patented, clean technology solutions focused on reducing both the operating cost and carbon intensity in the wastewater management and industrial lighting sectors across North America. Cleantek is a publicly traded company listed on the TSX Venture Exchange under the trading symbol "CTEK".
Cleantek joins the Marcellus Shale Coalition ® ("MSC")
As Cleantek continues to build its business in both Canada and the United States, management has pursued several opportunities to connect with local industry stakeholders; and as such the Company is pleased to announce that it has been accepted as a Member of the Marcellus Shale Coalition® ("MSC").
Founded in 2008, the MSC works with exploration and production, midstream and supply chain partners in the Appalachian Basin and across the United States to address issues regarding the production of clean, job-creating, American natural gas from the Marcellus and Utica Shale plays. The Coalition provides in-depth information to policymakers, regulators, media, and other public stakeholders on the positive effects responsible natural gas production is having on families, businesses, and communities across the region.
"We are excited to join the MSC and deepen our connection with industry leaders in the Appalachian region. We have been operational in this region for several years, predominately with our lighting division, and our membership in the MSC provides another method for Cleantek to promote its ZeroE™ water handling technology in a critical basin for energy security in North America," commented President and CEO, Matt Gowanlock.
Cleantek continues to pursue industry partnerships and connections that will broaden the awareness of the Company's innovative clean technology solutions and accelerate demand growth in the future.
Strong market fundamentals and industry activity levels have resulted in overall demand and job mix exceeding the Company's expectations, with higher-value asset utilization having a disproportionately positive impact on margins and cash flow. The expansion of the Company's footprint in the United States has, as expected, further increased revenue and cash flow due to strong utilization of existing assets combined with minimal repair and maintenance expenditures. Cleantek's operations remain on track to meet or exceed the Company's expectations of greater than 40% year-over-year revenue growth.
The Company expects to release its second quarter operating and financial results on August 18 [th] , 2022.
Cleantek is a clean energy technology company focused on innovative site-based solutions that reduce the environmental footprint and operating cost of industrial operations across North America. Cleantek has developed and commercialized its patented wastewater dehydration technology, the ZeroE™, which it rents to its customers for use at gas processing facilities and drilling rigs to materially reduce wastewater volumes and the cost and footprint of managing those volumes. Cleantek's ZeroE™ technology separates wastewater into (i) clean water which is evaporated and returned to the natural hydrological cycle and (ii) concentrated brine which is disposed of using traditional means. The ZeroE™ technology is powered by the waste heat generated from the engine exhaust of gas plants and drilling rigs. Complimenting Cleantek's ZeroE™ technology is a suite of low carbon LED Lighting & Optics systems including its patented Solar Hybrid lighting systems and HALO™ Crown mounted lighting systems.
This news release contains certain "forward looking statements" including, for example, statements relating to expected Cleantek's revenue and margin growth, the expected deployment of the Company's assets and financial position. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the state of the capital markets, the state of market fundamentals, the ability of the Company to successfully manage the risks inherent in pursuing business opportunities in the oilfield services industry, and the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business. Any forward-looking statement reflects information available to Cleantek as of the date of this news release and, except as may be required by applicable securities laws, Cleantek disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Matt Gowanlock, President & Chief Executive Officer
Orson Ross, Chief Financial Officer
Cleantek Industries Inc.
Neither the 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 news release.
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