RIDGEFIELD PARK, NEW JERSEY, Jan. 06, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- LIFEQUEST WORLD CORP (LQWC) is focused on innovative, scalable and disruptive decentralized wastewater treatment and reuse technologies. Our subsidiary in South Africa is engaged in Water-as-a-Service (WaaS) involving treatment of industrial and sewage wastewater. The current plant at a major beef processor involves a Water-as-a-Service (WaaS) agreement for 10 years with automatic renewal for 10 additional years. Under this Agreement the client pays a service fee for every cubic meter of treated water.
Pieter Jansen, the CEO of our subsidiary, said, “We are absolutely delighted to get our first WaaS plant producing clean reusable water and solids that are being fed to a biogas plant. Our client is a vertically integrated beef processor and keenly interested in reusing every drop of water. The plant has successfully delivered the required quality of water with a Turbidity of 2.38 NTU’s and less (potable water is between 1 and <5). The plant is operating effectively and efficiently as designed and has shown the capability to exceed the required average daily discharge volumes and to deal with the expected variability in discharge quality of wastewater typical of such applications that conventional treatment processes tend to struggle with. The client is currently processing 450 cattle heads per day and we are working on a plan to increase the capacity of the plant.”
Max Khan, the CEO of Lifequest, said, “We pivoted towards WaaS model due to challenging capital investment environment for government and commercial clients and disruptions from Covid-19. Corporate customers are aggressively investing in sustainability and reuse of wastewater has become inevitable due to water stress around the world. All our WaaS agreements will have minimum take or pay clauses and offered only to credit worthy clients with long operating histories in order to reduce counter party default risk. We have utmost confidence in the treatment capabilities of our technologies. We have additional plants in the pipeline and we are completing the technical due diligence to invest in a 900m3/day plant for a major dairy producer. IRRs and ROI remain very attractive and we are in discussions with potential investors for non-dilutive project finance debt to fund additional plants. Our current business plan is adequately funded.”
Lifequest offers effluent treatment plants (ETP), sewage treatment plants (STP), fat oil and grease (FOG) separator and hybrid media for water polishing. Biopipe, a wholly owned subsidiary, has developed a patented 100% sludge-free, chemical-free, odor-free, silent, easy to assemble and install, scalable, low cost, ecological and low maintenance-free onsite sewage wastewater treatment system. The Abrimix ETP solution available through our joint venture is a highly efficient and cost-effective industrial wastewater treatment system that is vastly superior to Dissolved Air Floatation (DAF) and other onsite industrial wastewater treatment systems.
This press release contains forward-looking statements that reflect the Company's current beliefs, expectations or intentions regarding future events. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "will," "will be," "anticipate," "predict," “expect” "continue," "future," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of the Company and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: political unrest in countries we operate in, Covid-19 pandemic related disruptions, shipping constraints, expatriation of invested capital, defaults, future revenues, expenditures, capital, the adequacy of the Company's current cash and working capital to fund present and planned operations, investments and the growth through joint ventures. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, can be found in our current Disclosure Statements at www.otcmarkets.com. The Company anticipates that subsequent events and developments may cause views and expectations to change. The Company assumes no obligation, and specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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