VANCOUVER, B.C., Feb. 11, 2019 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC" or "the Company") is pleased to announce that ARGUS Environmental Inc. (“ARGUS”) of Hamilton, Ontario has landed a contract with developer Claridge Homes (“Claridge”) of Ottawa, Ontario to employ SHARC™ Energy System’s Piranha T10 system (“Piranha T10”) into a $70.8 million rental high-rise development at 70 Gloucester St., (the “70 Gloucester”) near the intersection of Metcalfe Street in Ottawa, Canada.
The expected delivery and installation of the Piranha T10 will be in the second quarter of 2019, and with this first installation, the Company expects this to lead to several more in the Ottawa area and in the province of Ontario with ARGUS.
Rick Lawlor, Principal of ARGUS, said, “We are extremely proud and excited to introduce Piranha™ into the Ontario market place and we expect these systems to become the systems of choice for all buildings in the future.”
Canada Mortgage and Housing Corp. is providing project financing on the 70 Gloucester and will be an all electric twenty-seven storey building with 227 rental housing units, more than 200 of which will have rents lower than 30 per cent median household income in the area, and a projected energy-efficiency savings of 50%.
Because the 70 Gloucester development does not use natural gas and is all electric, the highly efficient operation of the Piranha T10 makes it very attractive for this application. Buildings in the future are required to reduce their carbon footprint so Piranha™ units will become the norm for buildings. Piranha T10 is the largest of the four models and can produce 6,000 gallons of hot water per day.
The technology has been used for other domestic environmental initiatives, but this is the first time the waste water heat recovery system has been used to improve energy consumption in public housing. Waste water is an inexhaustible energy source that is widely unused and has a high thermal potential.
The Piranha™ system’s self-contained heat pump uses a proprietary direct expansion heat exchanger to extract thermal energy. In this application, it will collect hot water from the apartments. Rather than draining into a sewer as is the currently accepted waste water practice, the heat energy in this water will be recovered. The water will act as a source for the heat pump, which will then be used to heat incoming cold water for future loads, drastically reducing energy requirements.
The Piranha™ wastewater heat recovery system from SHARC Energy Systems Inc. is the first of its kind in the HVAC market and has redefined green building innovation. The Piranha™ was awarded the Green Building Product of the Year by the Air Conditioning, Heating and Refrigeration Institute in 2016.
About ARGUS Environmental Inc.
ARGUS Environmental Inc. engages with building owners, consultants, and contractors in applying innovative technical solutions within the realm of building mechanical systems to lower energy usage, reduce Greenhouse Gas emissions and foster sustainability in their buildings. The Ontario electrical grid is one of the greenest in Canada and is the backbone of our technology offerings, designed to deliver innovative solutions related to space heating-cooling, water-based energy recovery, and heat-pump based domestic hot water generation. ARGUS technology offerings are positioned to support the Industry changes that are starting to occur and will continue to evolve.
ARGUS has had tremendous interest from both government and building designers in the Ontario region, and believes the new Piranha T10 install will generate attention and future sales. The market in Ontario and the world is seeking solutions identical to the Piranha™ that are highly efficient and relatively easy to install to meet the carbon reduction targets that are being imposed on buildings by governments worldwide. The Piranha™ reduces carbon by offsetting the need for natural gas hot water heating by recovering the heat in the waste water as it leaves the building.
The Piranha™ recovers the energy at approximately 500% efficiency, by far the most efficient hot water making system available today.
Further information about ARGUS is available on their website at www.argusenviro.com/
About SHARC International Systems
SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC™ technology systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).
Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer
For further information, please contact:
Investor Relations
Jeff Walker
The Howard Group
Phone: (888) 221-0915 or (403) 221-0915
Email: jeff@howardgroupinc.com
Jamie Hyland
SHARC International Systems Inc.
Telephone: (604) 442-2425
Email: jamie.hyland@sharcenergy.com
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Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.