TORONTO, Oct. 20, 2021 /CNW/ - TerraVest Industries Inc.
(TSX: TVK) ("TerraVest") has been awarded its first manufacturing
contract to supply a biogas upgrading system for a project located
in Western Canada. The biogas
upgrading system will have the capacity to process up to 1,200
Nm3/h of raw biogas and will remove impurities such as hydrogen
sulfide and carbon dioxide to produce renewable natural gas (RNG)
compliant with Canadian RNG specifications for pipeline
injection.
Dustin Haw, Chief Executive
Officer of TerraVest, commented, "We are extremely pleased that our
Renewables group, which was launched only earlier this year, has
already received its first contract. While this contract does not
represent a material amount of revenue to TerraVest as a whole, it
is a significant milestone in our effort to become a leading
provider of renewable natural gas processing equipment. As a
company with diversified capabilities, we saw the importance of
utilizing our strengths in the design and manufacturing of gas
processing equipment along with our in-house engineering expertise
in RNG and alternative fuels to expand into clean energy in support
of Canada's Clean Fuel Standard to
achieve net zero greenhouse gas emissions by 2050. We look forward
to executing on more renewables projects as our sales pipeline
continues to grow."
Under the terms of the agreement, TerraVest Renewables will
provide engineering, equipment design, manufacturing, and system
integration for the RNG facility.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements within
the meaning of applicable securities legislation. All
statements other than statements of historical fact contained in
this news release are forward-looking statements, including,
without limitation, statements regarding our strategic direction
and evaluation of the business segments and TerraVest as a whole,
the financial and business prospects of TerraVest's Renewables
group, and other plans and objectives of or involving
TerraVest. Readers can identify many of these statements by looking
for words such as "expects" and "will" or similar terms or
variations of these words. Although management believes that the
expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct.
By their nature, forward-looking statements require us to
make assumptions and, accordingly, forward looking statements are
subject to inherent risks and uncertainties. There is significant
risk that the forward-looking statements will not prove to be
accurate. We caution readers of this news release not to place
undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results,
conditions, actions or events to differ materially from the plans,
expectations, estimates or intentions expressed in the
forward-looking statements and the assumptions underlying the
forward-looking statements.
Assumptions and analysis about the performance of TerraVest
as a whole and its business segments, the markets in which the
business segments compete and the prospects and values of the
business segments are considered in setting the business plan for
TerraVest, plans and/or ability to pay dividends, outlook for
operations, financial position, results and cash flows, other plans
and objectives and in making related forward-looking statements.
Such assumptions include, without limitation, demand for
products and services of the business segments in respect of the
Canadian and other markets in which the businesses are active will
be stable, and that input costs to business segments do not vary
significantly from levels experienced
historically. Should any of these factors or
assumptions vary, actual results may differ materially from the
forward-looking statements.
SOURCE TerraVest Industries Inc.