SAN JUAN, PUERTO RICO– (Marketwired – April 23, 2015) – Triton Emission Solutions Inc. (OTCQB: DSOX) (“Triton” or the “Company”) is pleased to provide a corporate update through the first quarter of the fiscal 2015.
Triton had a very successful 2014 especially from a technology standpoint:
In April Triton signed a contract to deliver a DSOX system to one of the most recognized cruise lines in North America. Please refer to the Current Report on Form 8-K the Company filed on April 17, 2014 for additional information.
In May Triton introduced the current generation DSOX system, DSOX-20.
At the same time Triton started installation of its first DSOX-20 system for LMS Ship Management Inc. in Mobile, Alabama.
In September Robert Kopple, a very respected attorney, investor and businessman, joined the board of directors of the Company as its chairman.
In the first quarter of 2015 the Company continued with its progress:
In January Triton hired one of the world’s leading engineers in emission abatement technologies, Anders Karlsson, to lead its wholly owned subsidiary, Triton Emission Solutions International, AB.
Since January, Triton has been supervising the installation of a DSOX-20 for project Poseidon. This installation was completed on April 3rd and the Company started the commissioning process immediately thereafter.
On March 23rd, Anders Aasen joined the Triton team replacing Rasmus Norling as CEO. Mr. Aasen is a 24 year veteran of fortune 500 company, Royal Caribbean Cruise Lines, for which he served as Associate Vice President of their Global Marine Technical Services team providing technical services for its entire fleet.
Mr. Norling who is extremely optimistic about the progress the Company made so far commented: “Based on the preliminary lab results, we were certain the first production unit would be able to significantly reduce sulfur inheavy fuel oil (HFO). While we’ve incurred a number of setbacks not related to the DSOX-20, we’ve made great strides in improving the efficiency of our pre-combustion desulfurization system. I could not be more confident in the efficacy of our system.” Mr. Norling continued: “There are at least two dozen different types of HFO worldwide and we are now testing the DSOX-20 system on a wide variety of these fuel types. In addition, we have designed an exhaust gas scrubber that is specifically engineered to compliment the DSOX-20 system to allow for even cleaner byproduct.”
Starting in January, the sulfur emission limit in an Emission Controlled Area (ECA) was decreased to 0.1% by mass from previous 1% limit, requiring over 99% of the ships operating in ECA’s to start purchasing marine gas oil (MGO), the worldwide price of which averages close to $300/ton more than HFO. Due to the small number of exhaust gas scrubber manufacturers and their limited manufacturing and installation capacities, a very limited number of ships will be able to complete the installation of exhaust gas scrubbers on their engines over the next 4-5 years. In addition, a conventional exhaust gas scrubber is very complicated and cumbersome to install, requires dry dock time and significant cash outlays.
Although Triton is optimistic that its DSOX-20 system may be able to eventually lower the pre-combustion level of sulfur in HFO down to the required 0.1%, the Company has designed an exhaust gas scrubber that would reduce any residual sulfur emissions along with reducing nitric oxide and carbon dioxide emissions. This combined emission solution has great benefits for ships that travel in and outside ECA’s allowing a ship to optimize its emission controls and maximize its financial benefits. Triton’s exhaust scrubber will require no dry dock and will take just few months to install.
The annual revenue potential for the emission abatement industry is currently estimated in billions and is expected to increase dramatically starting in 2020 when the global mandate of 0.5% sulfur emissions comes into effect for the rest of the waters outside of ECA’s.
Mr. Aasen expressed his thoughts: “I am happy to be onboard and very excited to see the progress the company has made so far. Our focus over the next few weeks will be on the commissioning of our DSOX-20 system that we just completed installing for Project Poseidon.” Mr. Aasen also stated: “We are working on additional hires of top emission abatement engineers worldwide. We are in discussions with many shipping and cruise companies, which we hope will materialize into mutually beneficial contracts for installation of our emission solutions during the remainder of 2015 and years to come.”
About Triton Emission Solutions Inc.:
Triton Emission Solutions Inc. develops and markets environmental and pollution emission control solutions to a worldwide market.
The Company’s proprietary DSOX-15 and DSOX-20 Fuel Purification Systems, and the Company’s exhaust gas scrubber technology, NJORD, are cost-effective technologies designed to reduce harmful chemical emissions into the ocean and atmosphere in an effort to meet the increased emissions regulations that came into effect on January 1, 2015. These technologies are currently aimed at the maritime industry which includes vessels for cruise-line, freight shipping and tanker companies and can be installed during normal vessel operation without the need to use expensive dry dock time. These technologies have worldwide applications that are not limited to the maritime industry.
On behalf of the Board of Directors, Anders Aasen, Chief Executive Officer.
Forward Looking Statements
This press release may contain forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects”, “intends”, “estimates”, “projects”, “anticipates”, “believes”, “could”, and other similar words. All statements addressing product performance, events, or developments that Triton Emission Solutions Inc. expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in Triton Emission Solutions Inc.’s Quarterly and Annual Reports filed with the United States Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties materialize, or should any of Triton Emission Solutions Inc.’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Triton Emission Solutions Inc.’s forward-looking statements. Except as required by law, Triton Emission Solutions Inc. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Triton Emission Solutions Inc. files from time to time with the SEC, including its Annual, Quarterly and Current Reports.
SOURCE Triton Emission Solutions Inc.
For further information about Triton Emission Solutions Inc. please visit the Company’s website at http://www.tritoninc.com or contact us at 561-440-DSOX.