LiqTech Announces New Order for Marine Scrubber Market
LiqTech International, Inc. (NASDAQ: LIQT) announced a new order for its marine scrubber market, which includes two separate vessels to be delivered by the end of 2022. This order signals recovery in a market that has faced significant slowdowns due to the pandemic and shipping dynamics. Interim CEO Alex Buehler expressed optimism about increasing quotation activity and the potential for market normalization following a prolonged downturn. While this order is not significant in revenue terms, it represents a positive step in a strategic market.
- New order for marine scrubber market indicates recovering demand.
- Potential increase in quotation activity suggests market normalization.
- Order not material from a revenue perspective.
BALLERUP, Denmark, June 1, 2022 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT), a clean technology company that manufactures and markets highly specialized filtration products and systems, today announced a new order for the marine scrubber market, leveraging the Company's proprietary water filtration system technology. The order, which covers two separate marine vessels, is expected to be delivered before the end of 2022.
Alex Buehler, Interim CEO of LiqTech, stated, "We are very pleased to have received this new order, and while it is not material from a revenue perspective, it does represent proof of life in a strategic market after a prolonged malaise. The 2019 spike in shipments of marine scrubber systems to meet IMO 2020 low-sulfur regulation was followed by a persistent slowdown caused first by the global pandemic and then more recently by a frenzied shipping market characterized by elevated volumes and strong pricing that was not conducive to retrofit activity. We are now observing a notable increase in quotation activity for marine scrubber systems, which we believe is reflective of a recovering market and normalizing supply chain. We are optimistic that this important market can regain its momentum."
ABOUT LIQTECH INTERNATIONAL, INC.
LiqTech International, Inc., a Nevada corporation, is a clean technology company that provides state-of-the-art ceramic silicon carbide filtration technologies for gas and liquid purification. LiqTech's silicon carbide membranes are designed to be used in the most challenging water purification applications, and its silicon carbide filters are used to control diesel exhaust soot emissions. Using nanotechnology, LiqTech develops products using its proprietary silicon carbide technology, resulting in a wide range of component membranes, membrane systems, and filters for both microfiltration and ultrafiltration applications. By incorporating LiqTech's SiC liquid membrane technology with the Company´s extensive systems design experience and capabilities, LiqTech offers unique, turnkey solutions for the most difficult water purification applications.
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Forward-Looking Statements
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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SOURCE LiqTech International, Inc.
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