Desmet Ballestra Will Install Cavitation Technologies, Inc. System at Soybean Oil Refinery in South Korea
22 Jul 2013
LOS ANGELES, Calif., July 22, 2013 -- Cavitation Technologies, Inc. (CVAT) Berlin: (Stuttgart:WTC) announced today that the Desmet Ballestra Group, CTi's strategic partner since 2010 and licensee of the company's vegetable oil refining technology, has entered into a sales agreement with a soybean oil refinery in South Korea.
The South Korean soybean oil refinery processes over 200 tons of oil daily and Desmet projects that system will be fully installed and operational by the end of 2nd quarter of fiscal 2014. The installation marks CTi's second sales agreement in Asia this year. With recent sales in India and now Korea, the Company has made strong headways into Asia and believes the region provides enormous potential in the edible oil processing industry moving forward.
CTi anticipates an initial down payment from the sales agreement in the first fiscal quarter of 2014 and additional revenue in the remaining quarters.
Founded in 2007, the company designs and manufactures state-of-the-art, flow-through, robust devices and systems and develops processing technologies for use in edible oil refining, renewable fuel production, expeditious petroleum upgrading, algal oil extraction, alcoholic beverage enhancement and water treatment. As an add-on to existing neutralization systems, the company's patented NanoReactor(TM) allows refiners to significantly reduce both processing costs and the environmental impact, while also increasing the yield. More information is available at http://www.ctinanotech.com/.
About Desmet Ballestra Group
The Desmet Ballestra Group is the world leader in the fields of engineering and supply of plants and equipment for the oils, fats, animal feed industries, detergents, surfactants and related chemical industries and the oleochemical and biodiesel industries. Desmet Ballestra possesses a great worldwide reputation, thanks to over 60 years of experience, a significant R&D capacity and the most extensive customer base in the industry. The company has sales and engineering offices in 15 countries. More information is available at http://www.desmetballestra.com/.
The foregoing press release may contain forward-looking statements, including statements regarding, among other things, about the expectation of CTI's future business. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward looking statements as a result of a variety of factors including, among others, the state of the economy, the competitive environment, and the Company's performance. In light of these risks and uncertainties there can be no assurances that the forward looking statements contained in this press release will in fact transpire or prove to be accurate.