Receives additional insurance payment of $ 0.8M
MCCARRAN, Nev., December 15, 2020 (GLOBE NEWSWIRE) – Announcement from Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its latest AquaRefining ™ technology. company paid off its $ 9.0 million debt to Veritex Bank, leaving Aqua Metals virtually debt-free. In addition, the company received an additional progress payment of $ 0.8 million from its insurance provider. Insurance payments received to date now total $ 23.4 million. The company plans to collect additional insurance proceeds for the replacement value of its damaged assets and any recovery proceeds from a business interruption.
“The withdrawal of our loan from Veritex Bank is another positive step for Aqua Metals as we have accelerated our transition to a small cap business model. As a result of this action, our team achieved their previously guided goal of paying off debt by the end of the year. Eliminating our debt significantly strengthens the balance sheet and completely removes the burden of loan covenants. Additionally, this step improves the Company’s cash consumption rate by eliminating $ 0.9 million annually in debt service payments, including $ 0.6 million in interest expense. We are also pleased with the continued progress made in loss recovery through our insurance recovery efforts, ”said Judd Merrill, Chief Financial Officer.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing lead recycling with its patented AquaRefining ™ technology. Unlike fusion, AquaRefining is a room temperature water-based process that emits less pollution. The modular systems are intended to enable the company to significantly reduce the environmental impact and increase the recycling production capacity of lead-acid batteries by licensing the AquaRefining technology to partners. This could help meet the growing demand for lead to power new applications, including automotive stop / start batteries which supplement the main vehicle battery, lead acid batteries which are found in electric vehicles. , internet data centers, alternative energy applications including solar, wind and grid scale. storage. Aqua Metals is based in McCarran, Nevada. To learn more, please visit www.aquametals.com.
Aqua Metals has used and intends to continue to use its Investor Relations website (https://ir.aquametals.com), in addition to its Twitter, LinkedIn and YouTube accounts at https: / /twitter.com/AquaMetalsInc (@AquaMatalsInc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/channel/UCvxKNWcB69K0t7e337uQ8nQ respectively, as a means of disclosure material non-public information and to comply with its disclosure obligations under FD Regulation.
This press release contains forward-looking statements regarding Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements containing words such as “expects” , “considers”, “anticipates”, “plans”, “intends”, “believes”, “estimates”, “potential” and variations of these words or similar expressions which reflect the uncertainty of events or of future results, or that are not related to historical matters. The forward-looking statements contained in this press release include our expectations regarding the sale of the land and building of our McCarran facility; the sufficiency of any sales proceeds associated with any other insurance recovery to fund our operations and the development and completion of our V1.25 electrolyzer; the advantages of the V1.25 electrolyser; and the future of recycling lead-acid batteries through traditional foundries. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. These factors include: (1) the risk that we may not be able to sell the land, building and non-essential equipment of our McCarran plant in a timely manner, (2) the risk that we may not realize the proceeds of the sale which we expected from the sale of the land, building and non-essential equipment, (3) the risk that the terms of such sale may include indemnities or other provisions which pose possible liability to Aqua Metals, (4) the risk that we may not be able to complete the development of our V1.25 electrolyzer; (5) the risk that we may not realize the expected benefits of our V1.25 electrolyzer; (6) the risk that our insurance covering our claims related to the November 2019 fire at our TRIC facility and the proceeds from the sale of legacy assets may not be sufficient to fund our accelerated licensing strategy; (7) the risk that we may not be able to satisfactorily demonstrate to potential licensees the technical and commercial viability of our V1.25 chlorinator and AquaRefining process; (8) the risk that licensees will refuse or delay adopting our AquaRefining process as an alternative to merger despite the perceived benefits of AquaRefining; (9) the risk that we may not realize the expected economic benefits from any license that we may enter into; (10) the risk that we may need to engage in additional sales of our equity securities in order to fund our future operations; (11) the risk that additional funding, by any means, may not be available at all; (12) the fact that we have not generated significant income to date, thus subjecting us to all the risks inherent in a business in the start-up phase; (13) the risk that our patents and any other patents that may be granted to it will be challenged, invalidated or circumvented; (14) the risk that we may not be able to successfully conclude our proposed joint development agreement with Clarios or, if we do, realize the expected benefits of such an agreement; (15) changes in federal, state and foreign laws governing the recycling of lead-acid batteries; (16) our ability to protect our proprietary technology, trade secrets and know-how and (17) other risks disclosed in the “Risk Factors” section included in our quarterly report on Form 10-Q filed on October 22, 2020 and thereafter Deposits with the SEC. Aqua Metals cautions readers not to place undue reliance on forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise these statements to reflect new circumstances or unforeseen events as they occur, except as required by law. .
Contact Person: Glen Akselrod, Bristol Capital
(905) 326-1888, ext. 1