VANCOUVER, Canada / ACCESSWIRE / May 21, 2014 / NanoStruck Technologies Inc. (the "Company" or "NanoStruck") (CSE: NSK) (OTCQX: NSKTF) (Frankfurt: 8NSK) signs a one-year agreement, renewable yearly, with Metrolinx to maintain its bus wash treatment unit at the GO Transit Halton Hills bus facility.
Bundeep Singh Rangar, Chairman of the Board and interim CEO commented "The agreement provides NanoStruck with consistent recurring revenue which the company looks to build further upon through the pursuit of additional contacts which it is actively pursuing". Today's announcement paves the way for the Company to build on the consistent recurring revenue stream.
NanoStruck has signed a maintenance agreement to support the GO Transit facility installation, originally contracted by Buttcon Limited, a Canadian general contractor specializing in industrial, commercial, institutional and high-rise residential construction.
GO Transit is the regional public transit service for the Greater Toronto and Hamilton Area, with routes extending to communities across the Greater Golden Horseshoe. GO Transit carries more than 65 million passengers a year in an extensive network of train and bus services that spans more than 11,000 square kilometres. Metrolinx is working to provide residents and businesses in the Greater Toronto and Hamilton Area with a transportation system that is modern, efficient and integrated. Find out more about The Big Move, Metrolinx's Regional Transportation Plan for the GTHA.
About the Company
NanoStruck Technologies Inc. is a Canadian Company with a suite of technologies that remove molecular sized particles using patented absorptive organic polymers. These versatile biomaterials are derived from crustacean shells or plant fibers, depending on requirements of their usage. Acting as molecular sponges, the nanometer-sized polymers are custom programmed to absorb specific particles for remediation or retrieval purposes. These could be to clean out acids, hydrocarbons, pathogens, oils and toxins in water via its NanoPure solutions. Or to recover precious metal particles in mine tailings, such as gold, silver, platinum, palladium and rhodium using the Company's NanoMet solutions.
By using patented modifications to conventional technologies and adding polymer-based nano-filtration, the Company's offers environmentally safe NanoPure solutions for water purification. The Company uses Environmental Protection Agency (EPA) and World Health Organization (WHO) guidelines as a benchmark for water quality and safety to conform to acceptable agricultural or drinking water standards in jurisdictions where the technology is used.
Additionally, the Company's technology can be used to recover precious and base metals from mine tailings, which are the residual material from earlier mining activities. By retrieving valuable metals from old tailing dumps, the Company's NanoMet solutions boosts the value of existing mining assets and reduces the need for new, costly and potentially environmentally harmful exploration and mining.
The Company's current business model is based on either selling water remediation plants or leasing out units and charging customers on a price per liter basis with a negotiated minimum payment per annum. For processing mine tailings, the value of precious metal recovered is shared with tailing site owners on a pre-agreed basis.
On behalf of the Board of Directors:
Raj Kurichh, Chief Marketing Officer
T: (905) 813-0900
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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Statements relating to "reserves" or "resources" are deemed to be forward-looking statements because they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be profitably produced in the future.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's Management's Discussion and Analysis for the year ended September 30, 2013 and 2012, filed on January 29, 2014, and the first quarter ended December 31, 2013, filed on March 3, 2014 under the Company's profile on www.sedar.com.
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SOURCE: NanoStruck Technologies Inc.