Targeted Microwave Solutions Enters Into Agreement With Engineering Service Provider
Vancouver, British Columbia (FSCwire) - Targeted Microwave Solutions Inc. (TSXV:TMS; OTCQX:TGTMF; FRA:A2ACNT) (“TMS” or the “Company”) announced today that it has entered into an exclusive Engineering Service Provider and Installer Agreement with Industrial TurnAround Corporation (“ITAC”) of Chester, Virginia (the “Agreement”). ITAC is a leading engineering and procurement company (“EPC”) with extensive design, fabrication, installation, and project operation experience across the mid-Atlantic United States. In particular, ITAC is recognized as an expert in the wood pellet and biomass markets, where ITAC has strong business relationships with key producers and users of biomass in the United States. ITAC and TMS entered into the Agreement after recently completing several sawdust and wood chip drying tests at the TMS demonstration plant in King William, Virginia. Under the terms of the Agreement, ITAC will be granted engineering and installation exclusivity over those customers that TMS and ITAC jointly agree to engage, and which may already be customers of ITAC. Amongst other provisions, the agreement will have a term of 3 years and will be focused in North America.
In addition to the provision of engineering services, ITACs senior owner, also owns and operates a wood pellet plant in Waverly, Virginia, further underscoring ITAC’s extensive knowledge in the biomass business segment, and opening potential near-term opportunities for both ITAC and TMS to accelerate product development in the field.
“TMS has entered into an important agreement to formalize a valuable working arrangement underway with ITAC in Virginia. We feel that partnering with ITAC holds significant promise and strategic advantage for TMS, especially as TMS re-focuses its operations on furthering its core microwave process strengthens, and moves to outsourcing other engineering tasks to third-party service providers. We are very excited to be working with ITAC to advance our technology and additional pathways to commercialization. ”. said Dr. James Young, Chief Executive Officer and Chairman of the Board.
TMS continues to introduce its technology and advance its commercialization strategy and may, from time to time, consider further agreements with industry leaders to develop channels to accelerate market penetration.
On behalf of the Board of Directors,
"Dr. James Young"
Chief Executive Officer and Chairman
+1 (778) 995 5833
About Targeted Microwave Solutions Inc.
Targeted Microwave Solutions Inc. is a clean technology company that designs and manufactures vertical WAVEdri® microwave reactors to dry and process coal, clay and biomass, including wood fibre. As a global leader in the advancement of microwave technology the Company’s mission is to provide the industry with a cleaner and more efficient technology solution, which replaces traditional industrial dryers and kilns, by eliminating toxic emissions, reducing energy requirements and conserving significant amounts of water at a lower capital investment.
The Company’s R&D and commercial demonstration plant in King William, Virginia is strategically located near several major industrial clay-based and biofuel manufacturers. The marketing and testing facility in Shanghai, China collects and analyzes material samples from nearby coal power plants and coal mines. The Company is a reporting issuer in Canada and is listed on the following stock exchanges:
| TSX-V: TMS | FRA: A2ACNT | OTCQX: TGTMF |
About Industrial TurnAround Corporation
ITAC is a family of engineers and constructors that excels at understanding the important aspects of industrial projects and defining the critical assumptions necessary to engineer, design, and build them. We serve numerous segments of the industrial and commercial markets including chemicals, tobacco, utilities and power, food and beverage, pharmaceuticals, pulp and paper, renewable fuels, and several others.
ITAC is dedicated to bringing its clients the latest in engineering and construction technology. From design to project closeout, ITAC's diverse and flexible team has the skills and expertise to efficiently execute every stage of a construction project to the customer's satisfaction. ITAC's headquarters in Chester, VA, boasts a 60,000 square foot office and a 26,000 square foot fabrication facility. Today, ITAC employs over 200 engineers, designers, and project and construction managers and over 175 self-perform electrical and mechanical personnel.
Thanks to superb leadership and innovative staff, ITAC is proud to be one of the strongest vertically integrated design/build firms in Virginia and the mid-Atlantic region.
For further information, please visit www.itac.us.com
This news release contains certain statements which are, or may be deemed to be, "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that we expect or anticipate may occur in the future. Forward-looking statements consist of statements that are not purely historical and, in this news release, include, without limitation, statements regarding the commercial success of our WAVEdri® technology, the future evaluation of opportunities in the and future testing opportunities with McGill and other commercial industrial composters. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of our management. Because forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict, our actual results, performance or achievements or the actual results or performance of the industries and markets in which we operate and intend to operate may be materially different from those anticipated in our forward-looking statements. Forward-looking statements involve significant uncertainties and risks, should not be read as guarantees of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in our forward-looking statements, including our ability to obtain all necessary stock exchange approvals, our ability to negotiate and executive definitive documentation and to fulfill any conditions precedent contained therein, the general level of interest to participate in our private placements and such other matters described in our public filings available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon our forward-looking statements and we undertake no obligation to publicly revise such statements to reflect subsequent events or circumstances, except as required by law.
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Source: Targeted Microwave Solutions Inc. (TSX Venture:TMS, OTCQX:TGTMF, FWB:A2ACNT)
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