LETHBRIDGE, Alberta, Feb. 28, 2017 (GLOBE NEWSWIRE) — Robix Environmental Technologies Inc. (“Robix” or the “Corporation”) (CSE:RZX) (R0X.F) is pleased to announce that its Mexican subsidiary, Corris Technologies Mexico S.A. de C.V. (“Corris”) has entered into an LOI with Sector Naval de Tuxpan Veracruz, which is the Mexican Navy’s (Armada de México) regional office in Tuxpan. The non-binding LOI sees that the parties begin to negotiate in good faith to reach a full binding definitive agreement for deployment of Robix oil recovery technology on some Mexican Naval vessels, which are more than 100 in number.
The final definitive agreement will include standard representations, warranties, covenants, and indemnities of the parties. Robix and Armada de Mexico expect to have a definitive agreement by March 31, 2017.
Nathan Hansen, President and CEO, stated: “After extensive and rigorous testing, the Mexican Navy has decided, as part of its mandate to protect coastal waters from oil spills, to move forward and negotiate with Robix for deployment of our unique and best of class oil spill recovery technology. I look forward to working with our Mexican team and partners to reach a binding agreement by March 31, 2017. I am pleased that Mexican Navy, a leading, technically advanced and globally recognized organization, has decided to move forward with our technology to help protect Mexican coast waters from the harm caused by oil spills.”
Robix is focused on the worldwide market for oil containment, recovery and cleaning equipment specifically for the oil spill protection, oil production and water cleaning and purification industries. To that end, Robix has commercialized its C Series Clean Ocean Vessel and the P Series Stationary Platform; both are based on a patented revolutionary oil recovery technology. The C Series is a vessel that recovers oil in rough ocean waters, lakes, rivers and tailings ponds in virtually any conditions. The P Series is an oil recovery platform designed to accelerate oil recovery from settling ponds at production facilities. The Company also offers a suite of Hydro Cycle Water purification and cleaning products.
No stock exchange or any securities regulatory body has reviewed the contents of this news release.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements in respect of discussions for future equipment supply contracts. There is no certainty that such contracts contemplated or in discussions will have the intended results. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that the formal documentation effecting the Transaction is not completed or accepted. There is no certainty that a Definitive Agreement effecting the business combination will be completed or accepted. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.