Loading, Please Wait...
SPOKANE, Wash., Sept. 19, 2019 (GLOBE NEWSWIRE) -- REGI U.S., Inc. (“REGI” or “RGUS” or "the Company") (OTCQB:RGUS), The Board of Directors, Regi U.S., Inc. and its wholly owned subsidiary, RadMax Technologies, Inc. (RadMax) provide shareholders, and other interested parties with a 2019 progress report, as well as a first look at 2020.
Paul Chute, CEO and Board Chairman, stated that “As we close the books on another fiscal year, it is important to congratulate and thank RadMax employees and shareholders for their patience and support. The past year will undoubtedly be one of the most important in the company’s history as it marks our transition from in-house product R&D, to the sale and delivery of our first expander generator, two (2) large OEM funded white paper projects, numerous customer funded expander demonstration projects being negotiated, as well as a co-development project underway for the construction and testing of a RadMax internal combustion engine. This dramatic transition clearly supports our decision to focus internal resources on expander development while outsourcing engine development to a co-development partner. The end result is that we are now negotiating expander trials with numerous companies that represent diverse industries, markets, applications, and geographies. RadMax plans to raise the bar again in 2020 by converting these demonstration projects into recurring customers, increasing revenue and company growth. Focus will also be on securing a Strategic partner to support and accelerate company expansion.”
2019 Highlights include projects with:
Co-Development Projects in Progress:
Intellectual Property Update:
Additionally, work has begun on the donated Carrier, state-of-the-art, 10-ton commercial air conditioner / chiller, to install and test a RadMax expander / generator. The objective is to improve the systems coefficient of performance (COP) by 5 to 15%. If fully implemented in all relevant air conditioning and refrigeration applications, 50 – 150 billion kWh of electricity worth $5 - $15 billion and up to 150 million metric tons of CO2 fossil fuel related emissions could be eliminated annually in the U.S. alone. We are very appreciative of Carrier’s interest and guidance as we define and test several expander and / or generator operational configurations to define the most attractive options from a performance and cost perspective.
Challenges to maintain and accelerate our momentum in 2020?
In order to maintain and accelerate our product development and commercialization programs we require the support of a strategic partner. Specifically, a partner to fund ongoing product development programs, the expansion of our engineering and manufacturing capabilities, as well as our growing list of customer driven, proof-of-concept field trials.
ABOUT REGI U.S., INC
RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is a research and development company in the mid stages of prototype testing towards commercializing a family of unique, axial vane devices built around a patented “common rotary core”. This common core can be easily configured into a broad range of innovative products that includes; gas expanders, compressors, pumps, and internal combustion engines / external combustion turbines. These devices can be utilized across numerous global markets and applications to recapture lost “Free” energy and help users improve efficiency, decrease size, weight and complexity in powering applications. In addition, reducing their energy consumption, costs and greenhouse gas emissions (GHG’s) by using less energy, more efficiently. For more information, please visit www.radmaxtech.com
Forward Looking Statements:
Statements in this press release regarding the business of and REGI U.S, Inc. (together the “Companies’”) which are not historical facts are "forward-looking statements" that involve risks and uncertainties, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Regi U.S., Inc.
Paul Chute, CEO / Board Chairman
7520 N. Market St. STE # 10
Spokane, WA. 99217-7800