QS ENERGY, INC. A fully formatted version of this press release is available on our website.
We have been in anticipation of a letter of intent/memorandum of understanding for the past few months. Needless to say, we are proud to state we have made meaningful progress with a new potential partner whilst promoting renewed interest from our previous development partner. Our confidence supports the formalities of these engagements will be secured in the coming weeks.'
In April of this year, our final engineering call with our new leading development partner was received with positive feedback and all remaining questions were answered to their satisfaction. The conversations were thorough and left the participants confident in the ability of the AOT to function as designed pending their internal review. Concurrent with the engineering reviews, we were asked to define specific economic benefits leading to a detailed model projecting the range of efficiency gains customers are likely to see given a specific set of pipeline factors. The detailed projections were well received indicating our next step forward.
As we have continued to update the
Consolidation and completion of our successful AOT redesign resulted in a set of schematics ready for manufacturing.
Received vendor approval of the schematics and finalized the part orders. Although vendor delays and supply chain issues prolonged a 2022 test, we were able to overcome obstacles by working with suppliers to accelerate timelines by adding overtime and 3rd party resources that allowed us to complete a successful test at the end of
After final assembly, on
The final and successful redesign of the AOT has surpassed iterations tested in prior years. Currently the AOT is ready for customer field testing.
As recent discussions have progressed with potential development partners our next natural step is a commercial contract.
Two years ago,
Reinstated the company's integrity starting with the company's
Evaluated, redesigned, and tested the final successful iteration of the AOT.
Raised sufficient capital to maintain company operations and AOT redevelopment.'
While there have been frustrating and unexpected delays in the past two years, management, shareholders, and engineers ultimately accomplished the goal of delivering a functional AOT.
Our only focus now is the path to field deployment in parallel with a commercially viable contract. In keeping with our past, this team fully expects to deliver on the goals we have set.
About Applied Oil Technology
About
Contact:
Tel: +1 844-645-7737
Email: investor@qsenergy.com
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