H2O Innovation Signs a New Operation and Maintenance Contract Worth $10.4 M

Rhea-AI Summary

H₂O Innovation has secured a 4-year Operation and Maintenance (O&M) contract valued at $10.4 million from the City of Laurel, MS, increasing its O&M sales backlog to $83.2 million. The contract involves maintenance of the city's streets and drainage systems and will create 33 new jobs as the corporation transitions employees from the city. This expansion strengthens H₂O Innovation's presence in Southern Mississippi and aligns with its commitment to providing comprehensive water solutions.

Positive

• Secured a $10.4 million O&M contract for 4 years, boosting sales backlog to $83.2 million.
• Creation of 33 new jobs, enhancing local employment opportunities.
• Strengthened presence in Southern Mississippi, supporting regional growth.

Negative

• None.

All amounts in Canadian dollars unless otherwise stated.

QUEBEC CITY, July 20, 2021 (GLOBE NEWSWIRE) -- (TSXV: HEO) – H₂O Innovation Inc. (“H₂O Innovation” or the “Corporation”) is proud to announce it has recently been awarded an Operation and Maintenance (“O&M”) contract for the City of Laurel, MS (the “City”) with a total value of $10.4 M over 4 years, bringing the Corporation’s O&M sales backlog to $83.2 M. This contract was awarded as part of a call for tenders that the City launched with the aim of privatizing some of its public services.

This new agreement includes O&M services for the upkeep of Laurel’s streets and drainage systems and repairs of its municipal fleet. As part of the contract, the Corporation will welcome 33 new employees as of August 1^st, 2021, who are currently working for the City, to ensure seamless performance on the contract requirements.

“The City of Laurel is approximately 100 miles north of our main O&M office in Gulfport, MS and will be supported by our other public works employees in the region. We are really excited to expand our O&M presence in Southern Mississippi and are grateful that the City has chosen to put their trust in our team”, stated Gregory Madden, Chief Strategy Officer of H₂O Innovation.

Prospective disclosures
Certain statements set forth in this press release regarding 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 23, 2020 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the NYSE Euronext Growth Paris accepts responsibility for the adequacy or accuracy of this release.

Source:
H₂O Innovation Inc.
www.h2oinnovation.com

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

FAQ

What is the value of H₂O Innovation's new contract with Laurel, MS?

The contract is valued at $10.4 million over 4 years.

How much has H₂O Innovation's O&M sales backlog increased?

The sales backlog has increased to $83.2 million.

How many new jobs will H₂O Innovation create with the Laurel contract?

H₂O Innovation will create 33 new jobs.

What services will H₂O Innovation provide under the Laurel contract?

They will maintain the city's streets and drainage systems and repair the municipal fleet.

When does H₂O Innovation plan to start the Laurel contract?

The contract is set to begin on August 1, 2021.