OCEAN POWER CORPORATION SIGNS DISTRIBUTION AGREEMENT WITH MALTA DESALINATION SERVICES, LTD
El Dorado Hills, CA, June 19, 2001: Ocean Power Corporation (OTC Symbol: PWRE) today entered into a Exclusive Distribution Agreement with Malta Desalination Services Ltd. (MDS), which grants to OPC the exclusive right to market, sell and install seawater reverse osmosis desalination (SWRO) equipment produced by MDS on a global basis, excluding only the island of Malta itself. During the term of the agreements, OPC will use MDS as its sole supplier of SWRO equipment to the extent that the equipment is provided by MDS. The Malta Desalination Services (MDS) Ltd. was set up in 1997 as a subsidiary to The Water Services Corporation (WSC) to design, build, operate and maintain Reverse Osmosis Plants and associated facilities in the most efficient manner, utilizing the latest technology available, while respecting and protecting the environment.
The initial term of the agreement will be 19 months.
Ocean Power expects to sell MDS’s SWRO equipment as part of its H2OkW water desalination systems to be operated by its affiliate joint venture partners in their designated territories worldwide.
Ocean Power has been in negotiations with WSC to form a jointly owned limited liability company for the production of the SWRO desalination subsystem of the H2OkW Systems™. Initially, MDS was to supply these subsystems to the limited liability company. The parties intend to continue these negotiations during the term of the exclusive distribution agreement, with the understanding that the formation of a limited liability company by Ocean Power and WSC will supersede the current Exclusive Distribution Agreement. There is no assurance that any such limited liability company will be established.
Both OPC and MDS look forward to a long and productive relationship.
Ocean Power’s website www.pwre.com
Malta Desalination Services: www.mds.com.mt
Contact: Blair Aiken,
(212) 618-1712. |
