Partnership grows WET system reach across North America
Vancouver, B.C, Canada (August 17, 2022) – SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company“), a world leader in energy transfer from wastewater, is pleased to announce that it has entered into an agreement with Salas O’Brien, an employee-owned engineering firm with 55 offices, 1,600+ team members and more than 360 registered professionals (collectively, the “Parties”). The Parties intend to establish and cultivate a collaborative and strategic relationship that will support the market with turnkey solutions tailored to carbon reduction and energy efficiency goals (the “Agreement”)
Lynn Mueller, SHARC Energy’s Chairman & CEO commented: “We are delighted to be collaborating with Salas O’Brien and to be contributing our wastewater filtration and wastewater-energy transfer systems (“WET Systems”) to their turnkey solution offerings. Energy efficiency and carbon reduction are at the heart of energy services, and Salas O’Brien has established itself as a leading engineering firm providing building and facility solutions to clients throughout North America. We look forward to working together to identify and service customers’ needs.”
Under the Agreement, SHARC Energy and Salas O’Brien will collaborate with each other to support implementation of systems that reduce energy consumption and have proven and positive returns on investment for our mutual clients. SHARC Energy has built a unique and proprietary product that, when coupled with outstanding engineering design, can make substantial improvements to projects including district utilities, industrial and manufacturing, data centers, healthcare, science and technology, high-rise buildings, clean energy, education, and other building types.
Darin Anderson, CEO of Salas O’Brien commented: “Salas O’Brien implements some of the most complex engineering projects in the world. Although we always view our projects from a product-agnostic standpoint, we have seen tremendous benefit in the solutions that SHARC Energy provides. Working together, we can substantially reduce the energy used by the built environment and advance our clients’ sustainability goals.”
SHARC Energy is confident that this relationship will help accelerate the growth of the WET industry and accordingly, generate accretive pipeline growth of SHARC Energy WET products.
About Salas O’Brien
Salas O’Brien is an engineering firm with offices across North America. We use our experience at the intersection of energy, infrastructure, and sustainability to help high-profile clients meet their critical needs. We are a top firm as ranked by Engineering News-Record and Consulting-Specifying Engineer, and we have appeared for the past ten years on the Inc. 5000 list of North America’s fastest-growing private companies.
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Issuance of Warrants
In connection with the Agreement, and in consideration of the premises covenants and agreements by Salas O’Brien contained therein, the Company shall issue to Salas O’Brien Common share purchase warrants to purchase five million (5,000,000) common shares of the Company at an exercise price of $0.40 CDN per share for a period of 24 months from the date of issuance, provided that and conditional upon the Agreement being in full force and effect (the “Warrants”). The Warrants will be exercisable by Salas O’Brien in full without right to any partial exercise and shall be subject to accelerated expiry upon 30 day’s notice in the event that the Company’s shares trade at a price of $0.60 CDN per share for a period of 10 consecutive trading days. The Warrants are non-transferable and will be subject to applicable resale restriction under US and Canadian securities legislation without registration or similar rights.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove correct, and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as applicable.