Vancouver, British Columbia, Canada – May 24, 2017 – Targeted Microwave Solutions Inc. (TSXV:TMS; OTCQX:TGTMF; FRA:A2ACNT) (“TMS” or the “Company”) announced today that it has entered into an exclusive Engineering Service Provider and Installer Agreement with Industrial TurnAround Corporation (“ITAC”) of Chester, Virginia (the “Agreement”). ITAC is a leading engineering and procurement company (“EPC”) with extensive design, fabrication, installation, and project operation experience across the mid-Atlantic United States. In particular, ITAC is recognized as an expert in the wood pellet and biomass markets, where ITAC has strong business relationships with key producers and users of biomass in the United States. ITAC and TMS entered into the Agreement after recently completing several sawdust and wood chip drying tests at the TMS demonstration plant in King William, Virginia. Under the terms of the Agreement, ITAC will be granted engineering and installation exclusivity over those customers that TMS and ITAC jointly agree to engage, and which may already be customers of ITAC. Amongst other provisions, the agreement will have a term of 3 years and will be focused in North America.
In addition to the provision of engineering services, ITACs senior owner, also owns and operates a wood pellet plant in Waverly, Virginia, further underscoring ITAC’s extensive knowledge in the biomass business segment, and opening potential near-term opportunities for both ITAC and TMS to accelerate product development in the field.
“TMS has entered into an important agreement to formalize a valuable working arrangement underway with ITAC in Virginia. We feel that partnering with ITAC holds significant promise and strategic advantage for TMS, especially as TMS re-focuses its operations on furthering its core microwave process strengthens, and moves to outsourcing other engineering tasks to third-party service providers. We are very excited to be working with ITAC to advance our technology and additional pathways to commercialization. ”. said Dr. James Young, Chief Executive Officer and Chairman of the Board.
TMS continues to introduce its technology and advance its commercialization strategy and may, from time to time, consider further agreements with industry leaders to develop channels to accelerate market penetration.
On behalf of the Board of Directors,
“Dr. James Young”
Chief Executive Officer and Chairman
+1 (778) 995 5833
About Targeted Microwave Solutions Inc.
Targeted Microwave Solutions Inc. is a clean technology company that designs and manufactures vertical WAVEdri® microwave reactors to dry and process coal, clay and biomass, including wood fibre. As a global leader in the advancement of microwave technology the Company’ s mission is to provide the industry with a cleaner and more efficient technology solution, which replaces traditional industrial dryers and kilns, by eliminating toxic emissions, reducing energy requirements and conserving significant amounts of water at a lower capital investment.
The Company’ s R&D and commercial demonstration plant in King William, Virginia is strategically located near several major industrial clay-based and biofuel manufacturers. The marketing and testing facility in Shanghai, China collects and analyzes material samples from nearby coal power plants and coal mines. The Company is a reporting issuer in Canada and is listed on the following stock exchanges:
| TSX-V: TMS | FRA: A2ACNT | OTCQX: TGTMF |
For further information, visit www.tmsenergy.com or the Company’s public disclosure filing on www.sedar.com.
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