Denver, CO, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group, Inc’s (OTC Pink: UATG) subsidiary, H2O Processing, announced today that it has been contracted by Bellows Operating Salt Water Discharge (BOSWD to treat heavily iron contaminated crude oil. Under the agreement, H2O Processing will treat a minimum of 1,000 barrels of crude oil daily with an anticipated 1,500 bbls daily based on current production. The newly signed agreement allows for increased production of up to 8,000 bbls a day totaling more than $15 million dollars in annual revenue. Initial anticipated monthly production is valued to begin at more than $240,000 a month.
H2O Processing Chief Executive Officer, Stan Abrams stated, “We are pleased to have BOSWD join H2O Processing to extract iron from the crude oil. We have developed a unique process that successfully extracts the iron from the crude and BOSWD company will aid in the process by being the service agency to operate the mobile processes onsite making sure H2O’s proprietary equipment performs as designed”
H2O Processing is a manufacturing, research and engineering company, with extensive experience in the water treatment industry. With an expanding portfolio of intellectual property, the H2O team has just recently begun its expansion as a full-provider and manufacturer of mobile on-site and fixed commercial water and oil treatment solutions.
BOSWD is based in Texas with extensive operations throughout the State of Texas. Gary Bellows, President of BOSWD LLC, stated “Oil refineries have significantly restricted the iron content and oxygenates of crude oil before they accept crude oil to be refined. Until H2O developed this process, significant amounts of oil were not accepted by the refineries or accepted at a reduced price. Now with H2O, the iron content and oxygenates can be reduced and sold. We are delighted to begin to offer this service and see the potential for significant expansion beyond this initial contract with H2O.”
H2O Processing’s mobile water treatment platform concluded field testing within Oklahoma and has been awarded the only state-wide permit in all 77 counties, to treat deleterious water to non-deleterious water. The mobile platforms are fully automated and can be managed remotely by either H2O Processing from their headquarters in Denver or managed by the Company’s authorized service provider. Both mobile platforms to treat crude oil and contaminated water, are ready for commercial production and are now being delivered to market.
Chairman of H2O Processing parent company, UAT Group, Alex Umbra commented, “The H2O Processing team has worked tirelessly to develop and expand their operational footprint within Texas and within a very challenging market segment. This builds on the Company’s existing relationships announced earlier and exemplifies their commitment to renewable technologies. Combined with developments from some of its sister companies, H2O Processing will begin to roll out additional technologies in the renewables space. H2O is just beginning to execute on a stable of highly sought-after technologies that, it alone controls, with near limitless scalability within the green tech space.”
For more information about H2O Processing, Inc. visit: https://h2oprocessing.com/
For more information, visit www.uatgroup.com
Investor and Media Contact: info@uatgroup.com
About H2O Processing, Inc.
The company is located in Denver, CO, and is an advanced water treatment technology company.
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Forward-Looking Information
This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and/or a secondary listing as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of H2O Processing including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. H2O Processing does not assume the obligation to update any forward-looking statement, except as required by applicable law.
