VANCOUVER, British Columbia, Jan. 20, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC" or "the Company") is pleased to announce that it has secured a Key Account in the State of Washington that has issued a purchase order for two (2) PIRANHA™ T10 units and one (1) PIRANHA™ T15 unit. The customer is developing a Net Zero Energy (“NZE”) building in Seattle, Washington which will be incorporating SHARC™ wastewater heat recovery technology to help attain that goal.
It is anticipated that as a Key Account, it will require additional units for current and future projects and therefore, they will be provided with preferential Key Account pricing. This Key Account will have a direct relationship with the SHARC sales team and both organizations are working on implementing SHARC™ wastewater heat recovery technology in upcoming projects.
This is a significant milestone for SHARC as the purchase order and securing of a Key Account validates the completion of the transition from an Energy Service Company (“ESCO”) model referenced in our August 27, 2019 press release, to an Original Equipment Manufacturer (“OEM”) sales model.
Under an OEM sales model, the SHARC sales team will sell SHARC technology directly through Key Accounts or indirectly through its Manufacturer’s Representative (“Dealers”) network with SHARC providing leads to Dealers and supporting Dealers in closing their leads. The Company will also maintain servicing and maintenance control and train and support local service reps to provide maintenance and technical support to customers. Over the course of 2020, the Company will continue to establish Key Accounts and secure new Dealers in regions without SHARC representation.
“Sharc technology is a carbon reduction solution that will help developers significantly towards their goals of Net Zero Energy for their projects,” said Jodi Guthrie, Director of North American Sales. “We are excited to secure a Key Account in Washington State and we look forward to be a significant component of the customer’s sustainability goals for current and future projects.”
The units are anticipated to ship within Q1 2020 with the anticipated sale reported in the three months ended March 31, 2020.
Social Media and Company Outreach Strategy Project
The Company announces it has entered into a Consulting Agreement (“Agreement”) with North Equities (“Consultants”) for the development and implementation of a Social Media and Company Outreach Strategy (“Social Media Project”). The Social Media Project is a 6-month term where North Equities will be focused on organically creating awareness of SHARC to potential customers and the public markets through LinkedIn, Twitter and other social media mediums.
In consideration for the Agreement, the Company will issue 1,093,750 common shares that are subject to a statutory four (4) month and one (1) day hold. The shares will be released to the Consultant in thirds; one-third (1/3) up front, one-third (1/3) in two (2) months and 1/3 in four (4) months into the term.
Issuance of Stock Options
The Company would like to announce that it has granted 2,900,000 stock options to Officers, Directors, Employees and Consultants at an exercise price of $0.075. The stock options will be exercisable for 5 years.
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.
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ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer
For further information, please contact:
Investor Relations
Jamie Hyland
SHARC International Systems Inc.
Telephone: (604) 442-2425
Email: jamie.hyland@sharcenergy.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.