LEWIS CENTER, OH -- (Marketwired) -- 01/10/17 -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C" or the "Company"), a leader in mercury emissions control in North America, announced today that it has exercised its option to acquire in entirety all of the patents related to mercury control from the Energy & Environmental Research Center Foundation (EERCF), located in Grand Forks, North Dakota for $2.5 million and 925,000 shares of common stock. The technology was originally developed at the University of North Dakota Energy & Environmental Research Center. Closing of the transaction is expected to occur by March 31, 2017, subject to approval by the U.S. Department of Energy.
Since 2009, ME2C has licensed mercury control patented technology from the EERCF, which includes a portfolio of 25 U.S. and international patents and provisional patents. Through the licensing agreement with the EERCF, ME2C has been able to offer the most effective patented technology in the industry, the "Sorbent Enhancement Additive (SEA™) Technology", that cost-effectively reduces mercury emissions by over 90%.
"These patents serve as the backbone for our commercial mercury emissions control technology offerings and applications," said John Pavlish, Senior Vice President and Chief Technology Officer of ME2C. "Equally as important as our current business, this acquired suite of IP will serve as the basis for future development of leading-edge emission control technologies for power plants and industrial processes."
"This is a major milestone in the Company's history," said Richard MacPherson, President and CEO of ME2C. "This acquisition adds a major competitive asset to the Company, which further strengthens our current and future patent position in the U.S. and abroad, it also allows us to protect our technology in the marketplace. 2016 was a breakout year for our company, and this acquisition sets the stage for continued growth and success in 2017 as we target hundreds of additional electric generating units to meet MATS compliance effectively and more economically."
About Midwest Energy Emissions Corp. (ME2C)
Midwest Energy Emissions Corp. (OTCQB: MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. The U.S. Environmental Protection Agency (EPA) MATS rule, which has been subject to legal challenges, requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, must remove roughly 90% of mercury from their emissions starting April 15, 2015. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
President and Chief Executive Officer
Midwest Energy Emissions Corp.
Investor Relations Contact:
MZ Group - MZ North America
Source: Midwest Energy Emissions Corp.
Released January 10, 2017