SCOTTSDALE, AZ--(Marketwired - Jul 2, 2013) - Abtech Holdings, Inc. (OTCQB: ABHD), a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination, today announced that it has been awarded a project for the installationof stormwater systems in the U.S. Northeast. The award gives AbTech a complete Design-Build-Operate project to install newwater treatment systems in multiple stormwater outfall pipes that are discharging contaminated water. The project, which commences during summer 2013, is structured as a not-to-exceed $12 million, multi-phase program consisting of site assessment and design, installation, and ongoing Operations and Maintenance (O&M). It is anticipated that all design, construction and installation would be completed within the first year with O&M currently authorized for the remainder of the three-year project term. However, such O&M is extendable beyond the initial three-year term. The project may also be increased to include additional sites under the existing authorization, expanding the scope and size of the project award.
"The awarding of this project to Abtech marks a material milestone in the development of our business. Our business model is evolving from a product sale company to a comprehensive stormwater system solution provider. AbTech's revenue sources are expanding beyond its coretechnologies to include revenue from design, installation and maintenance services, as well as sales of equipment from other manufacturers in conjunction with key distribution partners. As a result, our addressable market has expanded to include larger infrastructure, engineering and technologyopportunities," commented AbTech's Executive Vice President of Corporate Strategy and Business Development, Bjornulf White. "Stormwater contamination is gaining increased attention by manycommunities, particularly in coastal towns where unmitigated stormwater/flood water fueled public health concerns over water contamination in the aftermath of heavy storms such as Hurricane Sandy. AbTech's integrated approach to providing comprehensive and affordable water management solutions that also offer an antimicrobial capability is quickly gaining recognition, as administrators search for effective solutions to a growing water problem."
Commenting on the company's first large scale system installation, Glenn Rink, CEO of AbTech, stated, "This award places AbTech in a leading position to address all sizes of stormwater contamination projects. There are a number of other communities that are experiencing similar stormwater problems that also have access to government funding and are already in contact with us. This award is a demonstration of the progress we have made not just in marketing our technology, but also in understanding the needs of our market and creating a comprehensive structure that effectively addresses those needs."
