OriginClear Enters Into Joint Development and Commercialization Agreement with Park Rich Environmental Technology for the China Market
Park Rich will showcase OriginClear’s technology at the major water conference, Aquatech China
Los Angeles, CA and Hong Kong, China – June 13, 2016 – OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, today announced that its wholly-owned subsidiary, OriginClear Hong Kong (OCHK), has entered into a Joint Development and Commercialization Agreement with Hong Kong-based water treatment engineering and manufacturing firm Park Rich Environmental Technology Co., Ltd. (Park Rich), based on specific purchase orders from time to time and upon the terms that the parties agree to. In February, OriginClear had also signed a distribution agreement with Park Rich affiliate, Jovial Technology.
“Park Rich are already the China agent for one of our most trusted marketing partners in the US, TriSep, which means they are players on the China water treatment market,” said Jean-Louis “JL” Kindler, President of OriginClear Technologies and Managing Director of OCHK. “Park Rich and its affiliate Jovial Technology have outstanding engineering and distribution resources in China and we look forward to a highly productive working relationship.”
Park Rich will showcase OriginClear’s technology in its booth #458, Hall 1, at the major water conference, Aquatech China, in Shanghai between June 15 and June 17.
OriginClear has also been nominated for China Blue Tech Awards, as organized by BlueTech Research and Mandarin Environment in partnership with Aquatech China.
“We have an ongoing distribution agreement with OriginClear HK via our sister company, Jovial Technology Ltd., and as we move along in our relationship, we are excited about the potential of EWS:AOx on the Chinese market,” said Terence Lam, CEO of Park Rich Environmental Technology. “we are glad to put our engineering expertise at work to help complete systems reach the market in a shorter period of time, as there is an acute need for this technology right now”.
Park Rich plans to take a leading role in the design and engineering of industrial water treatment systems that integrate OriginClear’s Electro Water Separation™ with Advanced Oxidation (EWS:AOx™) technology.
JL Kindler added, “Having now reached commercial stage, there is a critical need for integration engineering. As we build our knowledge base, a major part of the support we provide our licensees with is to guide them through our technology’s integration into existing processes. We found ourselves in a situation where we ended up designing complete water treatment systems, which is neither our role nor our expertise. With Park Rich’s understanding of our technology, we have found the perfect partnership that will benefit all our licensees, partners and of course our end-users.”
To enable this opportunity for a joint development and commercialization relationship with Park Rich, OCHK recently modified the agreement under which Mr. Ming Xu, an inventor and owner of a construction materials factory in mainland China, committed in a binding Memorandum of Understanding (MOU) to payments totaling $1,000,000 to purchase the right to launch a joint venture (JV) in the People’s Republic of China and the Republic of China (Taiwan) with OCHK, of which $150,000 has been paid. Mr. Xu agreed to the cancellation of his manufacturing and engineering rights, while retaining the license for a sales joint venture. Accordingly, the remaining $850,000 to be paid has been reduced to $500,000, of which $200,000 is to be paid by June 15, 2016 and $300,000 is to be paid by July 29, 2016.
Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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