Headwaters Incorporated Organizes Business Unit Focussed on its “HCAT” Technology
SOUTH JORDAN, UTAH – Headwaters Incorporated (NYSE: HW) today announced the creation of Headwaters Heavy Oil, a business unit devoted to the deployment of what the Company believes is a breakthrough technology for improving the efficiency of refining heavy petroleum feedstocks. “The completion of the commercial scale run at a European refinery late last year was a turning point for our heavy oil upgrading catalyst technology,” said Kirk A. Benson, Headwaters’ Chairman and CEO. “After years of development work and pilot scale testing, we believe that our HCAT technology will create value for day-to-day refinery operations worldwide. Our new Headwaters Heavy Oil company will focus entirely on speeding the adoption of this exciting technology.” Headwaters Heavy Oil anticipates that the upgrading technology represents a leap forward from current refining technologies that have been in use for over 50 years.
The Headwaters process uses the HCAT liquid catalyst precursor to generate a highly active molecular catalyst to convert residual oil feedstocks into higher-value distillates that can be refined into gasoline, diesel and other fuel products. By improving the conversion of lower value and often difficult to process, bottom of the barrel oil, the Headwaters process is expected to create significant additional value for petroleum refiners “In response to the rapidly-growing demand for transportation fuels, Headwaters heavy oil is expanding to capture the value added to low quality crude by our HCAT technology,” said Craig Hickman, President of the Heavy Oil business unit. “In today’s environment of increasing energy prices, we are pleased to be offering a technology that we believe creates improved value from feedstocks that were previously marginal contributors.” Headwaters Heavy Oil will be based at the Headwaters corporate headquarters near Salt Lake City, with engineering and pilot plant support staff remaining at the company’s existing research and development facility in Lawrenceville, New Jersey.
The HCAT technology is used by HHO under an exclusive license from the Alberta Science and Research Authority and the Alberta Research Council Inc. About Headwaters Incorporated Headwaters Incorporated is a world leader in creating value through innovative advancements in the utilization of natural resources. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its alternative energy, coal combustion products, and building materials businesses, the Company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities.
Forward Looking Statements
Certain statements contained in this report are forward-looking statements within the meaning of federal securities laws and Headwaters intends that such forward-looking statements be subject to the safe-harbor created thereby. Forward-looking statements include Headwaters’ expectations as to the receipt of product sales, license fees and royalty revenues, the development, commercialization, and financing of new technologies and other strategic business opportunities and acquisitions, and other information about Headwaters’ forward-looking statements often contain words such as “expects,” “anticipates,” believes,” “estimates,” and similar expressions intended to help identify statements related to future, not past, events.
Statements that are not purely historical by nature, including those statements regarding Headwaters’ future business plans, anticipated growth, financial performance, technology licensing, product sales and the value of our products and technologies to the operation of facilities are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding uncertain future events and our future results that are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Actual results may vary materially from such expectations.
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