CALGARY, AB -- International emissions and noise control leader Innova Global Limited (Innova) has fortified its preeminent market position by acquiring key liquidated intellectual property assets of commercial rival Express Integrated Technologies (EIT).
Innova President and CEO Mr. Harry Wong said EIT was a well-established and recognized brand among customers within the North American energy sector.
'Like Innova, EIT has earned a valued reputation for supplying quality products which perform to specification. This purchase brings together technologies from two recognized industry leaders, enabling Innova to deliver the very best technology available to the North American and global markets,' he said.
'Over coming months we will be integrating the best of EIT's designs to expand and enhance our product portfolio, ensuring that we can continue to offer the highest quality plant and componentry backed by exemplary customer service.'
Innova was selected as the successful bidder for EIT's intellectual property assets, work in progress for a major project, and operating assets of the St. George Steel and Murray manufacturing facilities in Utah at an auction in the Oklahoma Bankruptcy Court in late January.
EIT was established in 1979 and grew to become a recognized industry leader in the design and manufacture of heat transfer, combustion and environmental compliance-engineered equipment for the power and industrial markets.
'The EIT brand and product range represents a strong complementary addition to Innova's portfolio of Heat Recovery Systems, Simple Cycle Catalyst Systems, and Waste Heat Recovery Units. EIT's designs for Once-Through Steam Generators used for extraction of heavy oil also complement Innova's portable and modular SAGD product,' Mr. Wong said.
The asset purchase includes the rights to all EIT's intellectual property effective from February 1 2017, as well as some valuable patents and applications.
Other property acquired includes all designs, drawings, Information Technology and marketing materials.
'Innova has the financial strength, manufacturing capability, experienced supply chain and proprietary designs to perform on existing EIT proposals, equipment retrofits and project completions for EIT's customer base,' Mr. Wong said. 'Innova has 40 years' experience servicing the energy sector successfully with a growing list of high quality products and services.'