QS Energy Provides Business Update for the Third Quarter of 2019
Full-scale testing to resume in Q4 2019
HOUSTON, TX / ACCESSWIRE / November 15, 2019 / QS Energy, Inc. (the "Company" or "QS Energy") (OTCQB:QSEP), a developer of integrated technology solutions for the energy industry, today provided a business update for the third quarter ended September 30, 2019. The Company also filed its Form 10-Q for the period ended September 30, 2019 with the SEC on November 14, 2019, a copy of which is available for review on the Company's website at: https://ir.qsenergy.com/financial-info.
Jason Lane, Chief Executive Officer and Chairman of the Board, commented, "We continue to advance our Applied Oil Technology (AOT) demonstration project on a commercial pipeline located in the southern United States. As previously reported, we completed installation of equipment in late June and began test operations in early July, but testing was temporarily suspended upon discovering the system's primary power supply had been damaged prior to installation. We repaired and reinstalled the power supply to perform limited testing in the field in advance of ordering a new, higher-capacity power supply and integrating configuration modifications to the internal AOT grid pack based on lessons learned both in the field and in the laboratory. The new power supply has now been built and quality-tested at the manufacturing facility and is scheduled for shipment to the demonstration site by the manufacturer in the next few days. With this delivery, we remain on schedule to restart AOT demonstration testing before the end of the year."
"During the implementation of these changes, Christopher Gallagher, PhD, the Company's consulting engineer, played a critical role, applying laboratory tests and analysis to details of the AOT configuration and component design. Given his valuable assistance, we are pleased to announce his appointment as Senior Vice President of Product Commercialization and Business Development. In this expanded role, Dr. Gallagher will assume additional responsibilities helping QS Energy progress into commercialization and will be positioned to work directly with prospective customers. Our plans moving forward are centered on achieving commercial adoption of our AOT device."
Dr. Gallagher commented, "I am looking forward to a successful commissioning of the upgraded AOT. Shannon Rasmussen and the engineering team have delivered a new internal design we believe will improve the performance significantly. Based on the results of both field and laboratory experiments, we believe the AOT should allow our demonstration partner to meet its need for additional flow rate in the pipeline. Further, recent laboratory tests indicate we may see performance in excess of our demonstration partner's needs at this location. I know of no other device in the market today with the potential to lower costs by reducing power demand, increasing flow rate or reducing the need for hydrocarbon diluents as the AOT device. I look forward to working with the rest of the QS team to advance the technology and deliver significant value for prospective customers."
For further information about QS Energy, Inc., visit www.QSEnergy.com, read our SEC filings at https://ir.stockpr.com/qsenergy/all-sec-filings and subscribe to Email Alerts at https://ir.stockpr.com/qsenergy/email-alerts to receive Company news and shareholder updates.
Safe Harbor Statement
Some of the statements in this release may constitute forward-looking statements under federal securities laws. Please visit the following link for our complete cautionary forward-looking statement: https://www.qsenergy.com/site-info/disclaimer
About Applied Oil Technology
QS Energy's patented Applied Oil Technology (AOT) is a solid-state turn-key system which uses a high volt / low amp electric field to reduce crude oil viscosity. AOT installs inline on crude oil pipelines, operates unattended without interrupting pipeline flow, with full remote monitoring and control. More information is available online at www.qsenergy.com.
About QS Energy
QS Energy, Inc. (OTCQB:QSEP), develops and markets crude oil flow assurance technologies designed to deliver measurable performance improvements to pipeline operations in the midstream and upstream crude oil markets. More information is available at www.qsenergy.com.
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