ERRATUM - H2O Innovation Renews Two O&M Contracts and Wins New Ones, Totalling $18.3 M

Rhea-AI Summary

H2O Innovation has announced the extension of two Operation and Maintenance (O&M) contracts alongside new projects in Texas, with a total value of $18.3M. This revision increases the Corporation's O&M backlog to $137.4M. The new contracts will enable H2O Innovation to manage water and wastewater utilities for a minimum of two years, further strengthening relationships with clients like the City of Canton, Georgia. CEO Frédéric Dugré expressed enthusiasm about growth opportunities in the Southwest region.

Positive

• Extension of O&M contracts and new projects valued at $18.3M.
• Total O&M backlog increased to $137.4M.

Negative

• None.

All amounts are in Canadian dollars unless otherwise stated.

QUEBEC CITY, Aug. 02, 2022 (GLOBE NEWSWIRE) -- (TSX: HEO) – Please note that an error has crept into the press release issued earlier this morning. H₂O Innovation Inc. (“H₂O Innovation” or the “Corporation”) is proud to announce that it has recently extended two Operation and Maintenance (O&M) contracts and has been awarded new projects in Texas. These renewals and contracts, with a total value of $18.3 M (and not $9.0 M, like previously announced), bring the Corporation’s O&M backlog to $137.4 M.

“Growth is the lifeblood of any organization, so we are excited about the new opportunities in the Southwest Region. These new contracts will see H₂O Innovation operate several water and wastewater utilities and service residential and commercial customers for an initial term of two years. At the same time, renewing contracts with the City of Canton, Georgia and the City of Littleton, New Hampshire, is in keeping with our plan of building long-term relationships with our clients. Our O&M partnership with the City of Canton began in 2006 and has evolved significantly considering the tremendous growth of the city over the last years,” said Frédéric Dugré, President and Chief Executive Officer of H₂O Innovation.

Prospective Disclosures
Certain statements set forth in this press release regarding the operations and the activities of H₂O Innovation as well as other communications by the Corporation to the public that describe more generally management objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results, performance and achievements and the estimate of amounts that cannot yet be determined. Those forward-looking statements, based on the current expectations of management, involve a number of risks and uncertainties, known and unknown, which may result in actual and future results, performance, and achievements of the Corporation to be materially different than the said forward-looking statements. Information about the risk factors to which the Corporation is exposed is provided in the Annual Information Form dated September 27, 2021 available on SEDAR (www.sedar.com).

About H₂O Innovation 
Innovation is in our name, and it is what drives the organization. H₂O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers. The Corporation’s activities rely on three pillars: (i) Water Technologies & Services (WTS) applies membrane technologies and engineering expertise to deliver equipment and services to municipal and industrial water, wastewater, and water reuse customers, (ii) Specialty Products (SP) is a set of businesses that manufacture and supply a complete line of specialty chemicals, consumables and engineered products for the global water treatment industry, and (iii) Operation & Maintenance (O&M) provides contract operations and associated services for water and wastewater treatment systems. Through innovation, we strive to simplify water. For more information, visit www.h2oinnovation.com.

Source:
H₂O Innovation Inc.
www.h2oinnovation.com 

Contact:
Marc Blanchet
+1 418-688-0170
marc.blanchet@h2oinnovation.com 

FAQ

What is the total value of the new contracts announced by H2O Innovation?

The total value of the new contracts announced by H2O Innovation is $18.3 million.

What is the updated O&M backlog figure for H2O Innovation?

The updated O&M backlog for H2O Innovation is $137.4 million.

Which cities are involved in the renewed contracts for H2O Innovation?

The renewed contracts involve the City of Canton, Georgia, and the City of Littleton, New Hampshire.

How long is the duration of the new contracts for H2O Innovation?

The duration of the new contracts for H2O Innovation is an initial term of two years.

What is the significance of the O&M contracts for H2O Innovation?

The O&M contracts are crucial for H2O Innovation as they enhance their operational capacity and foster long-term client relationships.