TORONTO, ONTARIO--(Marketwired - Aug. 29, 2017) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES
CHAR Technologies Ltd. (the "Corporation") (TSX VENTURE:YES) is pleased to announce that it has been approved for a grant totalling $1M provided by the Government of Ontario through the Ontario Centres of Excellence ("OCE"). The grant is in support of CHAR's current SulfaCHAR production project, which has previously received funding and support from both Sustainable Development Technology Canada ("SDTC") and the Canadian Gas Association ("CGA").
"This grant will allow CHAR to both redeploy financial resources currently committed to the SulfaCHAR project, while at the same time will allow CHAR to expand the scope of the project," said Andrew White, CEO of CHAR. "The funding recognizes the carbon-related benefits of the project, and will allow CHAR to more rapidly execute on the production and use of SulfaCHAR."
Funding will be disbursed on completion of three milestones. CHAR has received initial funding of $237,759, and will receive three additional payments on milestone and project completion.
The Corporation is in the business of producing a proprietary activated charcoal like material ("SulfaCHAR"), which can be used to removed hydrogen sulfide from various gas streams (focusing on methane-rich and odorous air). The SulfaCHAR, once used for the gas cleaning application, has further use as a sulfur-enriched biochar for agricultural purposes (saleable soil amendment product).
Ontario Centres of Excellence (OCE) drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and governments. A champion of leading-edge technologies, best practices and research, OCE invests in sectors such as advanced health, digital media and information communications, advanced manufacturing and materials, and cleantech including energy, environment and water. OCE is a key partner in delivering Ontario's Innovation Agenda as a member of the province's Ontario Network of Entrepreneurs (ONE). Funded by the Government of Ontario, the ONE is made up of regional and sector-focused organizations and helps Ontario-based entrepreneurs rapidly grow their company and create jobs.
Certain statements contained in this press release contain "forward-looking information" ("forward-looking statements") within the meaning of Canadian securities laws. These forward-looking statements represent the Corporation's expectations or beliefs concerning future events, and it is possible that the events described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Corporation's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Corporation does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Corporation to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Corporation's MD&A dated May 29th, 2017 and available under the Corporation's profile on www.sedar.com. Such risks could cause actual events or the Corporation's actual results to differ materially from those contained in any forward-looking statement.
Neither the 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.
CHAR Technologies Ltd.
Chief Executive Officer