During a routine physical examination of the cartridges and system, we identified a potential material grade selection concern and / or an issue with the material batch, specifically on the cartridge end-covers. To ensure successful completion of the milestone testing process, we made the decision to temporarily suspend testing and work directly with our suppliers to expedite optimized components. However, with the combination of manufacturing time and the upcoming holidays, it is unlikely that we conclude milestone testing prior to year-end.
The exact timing of receipt and qualification of new components is uncertain, but we do expect to resume the milestone process early in the New Year and will provide updates accordingly. While disappointed we were unable to complete milestone testing this year due to the material re-order, the process to date has only solidified that the VorTeq works and furthermore performs to the contractual KPIs for flow and pressure. We remain confident in the success of this revolutionary technology and focused on the ultimate goal and prize for our investors: commercialization."
Conference Call to Discuss VorTeq Testing
LIVE CONFERENCE CALL:
Listen-only, US / Canada Toll-free: 877-709-8150
Listen-only, Local / International Toll: (+1) 201-689-8354
Investors may also access the live call or the replay over the internet at ir.energyrecovery.com. The replay will be available approximately three hours after the live call concludes.
Certain matters discussed in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectation that we will resume milestone testing early in the new year and the ultimate success of the VorTeq system. These forward-looking statements are based on information currently available to us and on management's beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Because such forward-looking statements involve risks and uncertainties, our actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and we assume no obligation to update such statements, whether as a result of new information, future events, or otherwise.
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