VANCOUVER, British Columbia, July 26, 2012 (GLOBE NEWSWIRE) -- Quest Water Global, Inc. (OTCBB:QWTR) ("Quest" and or "Quest Water" and or "Company"), an innovative water technology company, and developer of the AQUAtap(TM) Community Drinking Water Station and WEPS(TM) Water Extraction and Purification System, provides the following corporate update to its shareholders:
Further to Quest Water's Corporate Update released on May 29, 2012, management returned to Angola on June 13, 2012 to further evaluate the AQUAtap(TM) installation in the rural community of Bom Jesus, and to commence negotiations toward a formal agreement with the Angolan government, specifically the Ministry of Industry and the Ministry of Energy & Water. The objective of these discussions was to negotiate the logistics and supply terms of the AQUAtap(TM) for use in rural communities throughout Angola and for the construction of an AQUAtap(TM) assembly plant in the country. The meetings were intended to further solidify Quest's relationship with the Angolan government and to help lay out Quest Water's business operations in Angola under the country's "Water for All" program.
"We are extremely pleased with the growing strength of our relationship with the Angolan government, and the professionalism of the officials who have been championing and supporting this project over the past several years," said John Balanko, Quest Water Global CEO & President. "Now that the AQUAtap has been successfully launched in Bom Jesus, we are pleased to be moving toward a formal agreement to construct our first assembly plant in Angola and introduce AQUAtap Community Drinking Water Stations throughout the country."
While in Angola, management also met with the African Development Bank (AfDB), furthering discussions that were held in February and March 2012. The discussions involved financing the proposed AQUAtap(TM) assembly plant(s) to be built in Angola and the level of funding required to carry out such an undertaking. It was established that Quest would require between USD $5.5M - $6.0M per facility, including construction, inventory, and working capital. As a result of the most current meetings, Quest Water received a Letter of Intent for funding of the proposed project. The AfDB's Country Coordinator for Angola stated in the letter that "The African Development Bank Office in Angola welcomes your interest to work with the African Development Bank in the Water sector". He continues, "As this sector is considered as a priority area of intervention of the Institution, any financing needs could be considered by the Institution provided a formal request is sent by the Government of Angola to the Bank for processing and clearance by its technical concerned departments". The Angolan government has indicated that once an agreement has been consummated, they will in turn submit a request for funding to the AfDB on Quest's behalf.
Following management's return from Angola, a letter of support was received from Ms. Lisa Stadelbauer, the Canadian Ambassador to Angola. In that letter, the Ambassador states, "Our belief is that Quest Water's water purification and distribution system, called the AQUAtap Community Drinking Water Supply and Distribution System, could be an attractive and viable option for the Angolan government in this regard. To this end, the Canadian Senior Trade Commissioner for Angola and the EDC Chief Representative for Africa have been keenly interested in your discussions with the Angolan government, specifically as you have sought Memoranda of Understanding (MOUs) from the Ministry of Industry and the Ministry of Energy and Water."
About Quest Water Global Inc.
Quest Water Global Inc., and its wholly-owned operating subsidiary Quest Water Solutions Inc., is an innovative water technology company that provides sustainable and environmentally sound solutions to water scarce regions. We use proven technologies to create economically viable products that address the critical shortage of clean drinking water in developing countries. Our goal is to address the vital issue of water quality and water supply by providing an alternative, sustainable source of pure water at the smallest possible environmental cost to global areas in need, while becoming a leading company in providing turn-key solutions using alternative energy for the purification, desalination, and distribution of clean drinking water.
About Angola's "Water for All" Program
The "Water for All" program ("Agua para Todos") is a $650 million initiative of Angolan President Jose Eduardo dos Santos. The program is managed by five Ministries: Ministry of Industry, Ministry of Health, Ministry of Agriculture & Rural Development, Ministry of Environment, and the entire program is coordinated by the Ministry of Energy & Water. The program was launched in 2007, and began in 2009/2010. The first phase will continue through to 2015, with the second phase continuing through 2020. Under the program, Angola has committed to providing clean water to 80% of its rural population and 50% of urban dwellers by 2015, with targets raised to 100% and 80%, respectively, by 2020. Current total population of Angola is approximately 19 million with 56.7% of the population being urban and 43.3% rural.
About the African Development Bank (AfDB)
The African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa. The Group comprises the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). AfDB provides loans and grants to African governments and private companies investing in the regional member countries (RMC) in Africa. It is owned and funded by member governments, and has a public-interest mandate to reduce poverty and promote sustainable development. Originally headquartered in Abidjan, Côte d'Ivoire, the Bank's headquarters moved to Tunis, Tunisia, during the civil war in Côte d'Ivoire.
Notice Regarding Forward Looking Statements
This press release contains projections and forward-looking statements, as that term is defined under applicable securities laws. Statements in this press release, which are not purely historical, are forward-looking statements. These statements are only predictions and involve known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: negative results from the Company's field operations; the effects of government regulation on the Company's business; risks associated with the Company's ability to obtain and protect rights to its intellectual property; risks and uncertainties associated with the Company's ability to raise additional capital; loss of management; and other factors beyond the Company's control. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity or performance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Readers should also refer to the risk factor disclosures and other disclosures outlined in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission on Edgar at www.sec.gov and with the British Columbia Securities Commission on SEDAR at www.sedar.com.