STWA Reports Initial Revenues
SANTA BARBARA, CA -- (Marketwired) -- 05/27/14 -- STWA, Inc. (the "Company") (OTCQB: ZERO), a developer of integrated solutions for the energy industry, announced today that it has received its first revenue of $60,000, representing the first lease payment arising from the installation of its Applied Oil Technology flow assurance product on a pipeline located in Wichita, Kansas. We are pleased and excited about this significant milestone and development in our efforts to commercialize our AOT technology, and look forward to the collaborative testing of our product on this pipeline with our client and Temple University.
Developed to address the historic surge in upstream oil production and pressing critical infrastructure needs, the Applied Oil Technology (known as the "AOT") system is a long-distance crude oil pipeline flow assurance product designed to increase flow rates and improve efficiency of pipelines.
The 110-ton AOT Midstream installation (pictured) is the result of a 5-year research and development project conducted by STWA, Temple University of Philadelphia and 19 energy-industry companies, suppliers and manufacturers and is installed in North America for the first time.
The AOT system is based on technology developed by physicists at Temple University to alter the mechanical properties of crude oil under flow. The technology operates by reducing the viscosity of crude by exposing it to precise electrical fields in the pipeline. The product was designed to meet the rigorous demands of major pipeline pumping stations, in order to improve flow and reduce energy-consumption operating costs and emissions associated with transporting oil over long distances.
"This marks a significant moment in our Company's history," said STWA Technical and Operational Director Bjorn Simundson. "Our job has been to take this technology out of obscurity in a science lab, and navigate the process to bring it to commercial reality. This installation and what we believe will be a successful test of our technology is a first step in that direction. We have been truly blessed to work with some of the sharpest minds in the industry on this monumental undertaking, and during our recent presentation at the PEG conference, the reception and interest in this technology and our ability to innovate and execute within this complex industry was paramount. As a result of this success and that conference presentation, we have already added two more major companies under NDA and are studying their infrastructure needs at this time with more on the way. With this AOT, and the forthcoming testing of our new upstream products beginning this summer, we believe we are really in a good spot moving forward. I'm humbled and honored to be a part of this amazing team."
"When I first became a part of this Company in 2012 as the CFO, it became readily apparent that there was an unprecedented opportunity awaiting us for a commercialized product such as AOT," commented Gregg Bigger, STWA Chief Executive Officer and Chairman of the Board. "Due to the rampant growth in oil production over the past several years due to new technologies and techniques being widely deployed seemingly overnight, producers and pipeline operators are intently focused on increasing takeaway capacity through operational efficiencies, which is precisely what AOT is designed to accomplish. We have been working diligently to commercialize our AOT technology. We would like to thank all of our employees, industry partners, customers and most importantly our shareholders for standing by us during this journey. Thank you for your continued support."
Safe Harbor Statement:
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About STWA, Inc.
STWA, Inc. (Save the World Air, Inc.) is a Nevada Corporation that works with commercial entities, educational institutions and industry manufacturers to deliver innovative solutions and licensable technologies to the conventional energy production and transportation industry. More information is available at: www.stwa.com. STWA, Inc. The Company's SEC filings can be found here.
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Source: Save The World Air, Inc.