Fuel Tech Receives $2.6 Million Insurance Reimbursement
September 17 2020 - 4:15PM
Business Wire
Fuel Tech, Inc. (NASDAQ:FTEK), a technology company
providing advanced engineering solutions for the optimization of
combustion systems, emissions control and water treatment in
utility and industrial applications, today announced it has agreed
upon the terms of settlement with its insurance carrier whereby the
Company will receive $2.6 million in proceeds related to an
outstanding claim that was previously reported in 2019. The
proceeds are expected to be received early in the 2020 fourth
quarter.
As previously announced, in the fourth quarter of 2019 Fuel Tech
reported a $2.0 million charge related to an equipment warranty
liability issue with a U.S. customer, and in the second quarter of
2020, the Company recorded an incremental net charge of $600,000
related to the claim. The full amount of the insurance recovery is
expected to be recorded in Fuel Tech’s financial statements in the
second half of 2020.
About Fuel Tech Fuel Tech
develops and commercializes state-of-the-art proprietary
technologies for air pollution control, process optimization, water
treatment, and advanced engineering services. These technologies
enable customers to operate in a cost-effective and environmentally
sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx)
reduction and particulate control technologies and its solutions
have been in installed on over 1,200 utility, industrial and
municipal units worldwide. The Company’s FUEL CHEM® technology
improves the efficiency, reliability, fuel flexibility, boiler heat
rate, and environmental status of combustion units by controlling
slagging, fouling, corrosion, and opacity. Water treatment
technologies include DGI™ Dissolved Gas Infusion Systems which
utilize a patented nozzle to deliver supersaturated oxygen
solutions and other gas-water combinations to target process
applications or environmental issues. This infusion process has a
variety of applications in the water and wastewater industries,
including remediation, aeration, biological treatment, and
wastewater odor management. Many of Fuel Tech’s products and
services rely heavily on the Company’s exceptional Computational
Fluid Dynamics modeling capabilities, which are enhanced by
internally developed, high-end visualization software. For more
information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended, which are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and reflect
Fuel Tech’s current expectations regarding future growth, results
of operations, cash flows, performance and business prospects, and
opportunities, as well as assumptions made by, and information
currently available to, our management. Fuel Tech has tried to
identify forward-looking statements by using words such as
“anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,”
“will,” and similar expressions, but these words are not the
exclusive means of identifying forward-looking statements. These
statements are based on information currently available to Fuel
Tech and are subject to various risks, uncertainties, and other
factors, including, but not limited to, those discussed in Fuel
Tech’s Annual Report on Form 10-K in Item 1A under the caption
“Risk Factors,” and subsequent filings under the Securities
Exchange Act of 1934, as amended, which could cause Fuel Tech’s
actual growth, results of operations, financial condition, cash
flows, performance and business prospects and opportunities to
differ materially from those expressed in, or implied by, these
statements. Fuel Tech undertakes no obligation to update such
factors or to publicly announce the results of any of the
forward-looking statements contained herein to reflect future
events, developments, or changed circumstances or for any other
reason. Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including those detailed in Fuel
Tech’s filings with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200917005957/en/
Vince Arnone President and Chief Executive Officer (630)
845-4500
Devin Sullivan Senior Vice President The Equity Group Inc. (212)
836-9608 dsullivan@equityny.com
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