NEW CASTLE, Del., Feb. 19, 2020 /PRNewswire/ -- EESTech Inc (OTC: EESH), publicly traded on the US OTC markets, is a specialist in the provision of reclamation and remediation services to the world's mining and minerals processing industries. EESTech has developed a patent pending design breakthrough in primary smelting furnace technology known as the IRF (Induction Reduction Furnace).
Inductotherm Corp. founded in 1953, is the world's leader in the development and supply of induction furnace equipment and related services, with 38 manufacturing facilities located in 18 countries and over 36,500 systems in applications around the world.
EESTech's CEO Murray Bailey said, "the signing of this Agreement marks a significant milestone for the company and represents an exclusive supply agreement for Inductotherm and a strong technology partner for EESTech."
The IRF incorporates an ultra-high temperature Plasma field over an induction furnace body to significantly reduce the cost of smelting, requiring up to 40% less energy than traditional electric arc or blast furnaces and achieving up to 99% recovery of metal from non-conductive metal oxides. The IRF's increased process performance and dramatic reduction in power consumption, significantly reducing the carbon footprint of primary smelting, positions the IRF as an Economically Environmentally Sustainable Technology.
Mr Robert Keshecki, International Sales Manager of Inductotherm said, "EESTech's integration of these two established furnace technologies (plasma and induction) will provide substantial benefits and efficiencies for the foundry industry. The IRF will have the unique ability to smelt and melt concentrates into primary metals and alloys at efficiency rates never seen before in the industry."
The IRF represents a 'paradigm shift' in primary smelting technology, with the potential to revolutionize the world's foundry and metal casting industries.
The first commercial application of the IRF is planned for the Samancor Ferro-Chrome (FeCr) recovery project. Samancor Chrome, South Africa, is the second largest ferrochrome producer in the world. In 2019, Samancor awarded EESTech a 10-year contract with a 5-year extension option, to undertake the reclamation of 12.5 million tons of Ferrochrome (FeCr) slag. EESTech's robust process technologies will reclaim up to 99% of residual FeCr units in the form of a concentrate ready for smelting by the IRF.
Under the terms of Agreement, Samancor Chrome will purchase all Ferrochrome metal recovered by EESTech that meets agreed specifications.
All residual materials will be transformed into environmentally stable, inert, in demand, sand products suitable for a variety of commercial applications. EESTech's services will have a significant positive impact on the world's mining and resource industries by increasing productivity, reducing energy demands, delivering significant economic benefits, delivering zero-waste outcomes and environmental sustainability.
About EESTech:
EESTech Inc, promotes Economically Environmentally Sustainable Technologies to the world mining and minerals processing industries. EESTech Inc is publicly traded on the US OTC market, symbol EESH. www.eestechinc.com
Forward Looking Statement:
This media release includes statements that may constitute 'forward-looking' statements. The statements can be identified by phrases such as EESTech, Inc. or its management 'believes' 'forecasts', 'estimates' or other words or phrases of similar import. These statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Similarly, such statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are forward-looking statements. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements. Factors which could cause or contribute to such differences include but are not limited to our ability to recruit and retain key personnel, the availability of funding for future operating requirements, our ability to protect our intellectual property, our ability to secure contracts for the installation of our products and our ability to develop and operate such projects successfully. We urge you to carefully consider these factors and the information detailing other factors (which may cause actual results to differ materially) included in EESTech, Inc.'s press releases and other historical SEC filings. The forward-looking statements are based on current expectations and neither the Company nor its management assumes any obligation to update these statements.
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