MONTREAL, June 03, 2020 (GLOBE NEWSWIRE) — Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce that it has signed a letter of intent (“LOI”) on May 28th, 2020, for the sale of a multi-million dollar biogas to renewable natural gas (RNG) installation to a large-scale utility customer in Alberta.
Xebec expects the LOI to convert into backlog over the coming months and system delivery to occur in 2021.An opportunity to further Canada’s oil and gas industry and help the country decarbonize its energy mix
Canada is the world’s fourth largest natural gas producer. Renewable natural gas (RNG) production represents an opportunity to reduce carbon emissions of natural gas by creating renewable gas from organic waste sources, that can be blended with fossil natural gas to reduce the overall carbon intensity.There are several benefits to RNG which include: reduction in greenhouse gas emissions, increased domestic energy production, compatibility with existing natural gas infrastructure, improved waste management, new revenue streams for farmers and municipalities, advancement of the circular economy and job creation.Quotes:
“We’re happy to see the continued sales of our Cleantech systems as customers remain forward-looking in this pandemic and see the long-term need to create renewable energy from organic waste streams.Alberta is a significant contributor to the economic well-being of Canadians and we’re happy to see the adoption of renewable natural gas production. This is the first commercial RNG project in Alberta which marks a significant milestone as the province continues to innovate and deploy technologies to help reduce carbon emissions. We’re hopeful for the continued production of renewable gases in Canadian Western provinces as decarbonization and infrastructure investments remain in focus. Renewable natural gas is the perfect bridge between fossil and renewable energy, and Xebec is proud to be playing a role in that transition across Canada.”
– Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.Related links:
https://www.xebecinc.comFor more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
[email protected]
+1 450.979.8700 ext 5762About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.Cautionary Statement
Neither 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 release. This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec’s public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic, Xebec’s capacity to generate revenue growth, the availability to Xebec of financing and credit alternatives and access to capital, Xebec’s capacity to meet all its other commitments and business plans, Xebec’s limited number of customers, the potential loss of key employees, changes in the use of proceeds relating to the loan, share price volatility, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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