VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 04/26/12 — BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, announces that the Company has agreed to settle its legal action against NWM Mining (NWM) for unpaid lease payments relating to a treatment plant built at NWM–s Mexican mine site.
Under the terms of the settlement agreement, NWM will pay BioteQ $1.3 million in cash over the next two years; BioteQ will retain ownership of the treatment plant and will demobilize it from NWM–s site. The first $200,000 payment from NWM has been received. A second payment of $400,000 is due April 30, 2013. The final $700,000 is due April 30, 2014. In the event that NWM is sold, or sells or transfers its assets, the payments become due immediately. If NWM fails to make the specified payments, BioteQ has been provided with a $2 million Consent to Judgement that it can enforce against NWM. The $2 million figure remains in place until the final payment has been made to BioteQ.
BioteQ and NWM have agreed to work together to facilitate demobilization of the plant. BioteQ is presently reviewing the alternative uses for the plant.
Jonathan Wilkinson, BioteQ–s Chief Executive Officer, stated, “We believe the settlement agreement is fair and reasonable. The agreement enables both BioteQ and NWM to avoid a potentially expensive and time consuming legal process, and provides certainty to the shareholders of both companies.”
BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment. The company–s proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at for additional information.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on historical fact and therefore constitutes “forward-looking information” under applicable Canadian securities legislation. This includes without limitation statements containing the words “plan”, “expect”, “project”, “estimate”, “intend”, “believe”, “anticipate”, “may”, “will” and other similar words or expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company–s dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company–s technologies, competition, technology risk, the Company–s ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company–s ability to manage growth and other factors described in the Company–s filings with the Canadian securities regulators at (including without limitation the factors described in the section entitled “Risks and Uncertainties” in the Company–s Annual Report for the year ended December 31, 2011 and the section entitled “Risk Factors” in the Company–s Annual Information Form for the year ended December 31, 2011). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management–s current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contacts:
BioteQ Environmental Technologies Inc.
Tanja McQueen
VP Corporate Development
1-800-537-3073 or 604-685-1243
604-685-7778 (FAX)