Aether Catalyst Solutions, Inc. Enters into NDA With Large US Fleet Operator
Burnaby, British Columbia--(Newsfile Corp. - October 19, 2021) - Aether Catalyst Solutions, Inc. (CSE: ATHR) (FSE: 2QZ) ("ATHR" or the "Company") is pleased to announce that it has entered into a Non-Disclosure Agreement (the "NDA") with a large US fleet operator ("Fleetco") to begin the evaluation and development of Aether's catalyst for use in their fleet of over 150,000 vehicles.
Fleetco, with a market cap of more than US$10 billion, approached Aether due to increasingly significant losses from catalytic converter theft from its fleet vehicles. Fleetco suffers losses from both the cost of transporting inoperable vehicles and subsequently replacing expensive catalytic converters, as well as having those vehicles out of commission. This is a growing problem for all fleet operators globally (https://www.nytimes.com/2021/02/09/climate/catalytic-converter-theft.html) , as the cost of Palladium (the most expensive component of catalytic converters) has risen dramatically over the last 5 years. (https://www.kitco.com/charts/popup/pd1825nyb.html)
Aether has chosen a catalyst formulation for benchmarking and will scale up that catalyst and ship it to Fleetco for testing at Fleetco's research facility in a vehicle representative of their fleet to begin the project.
Taylor Procyk, Chief Operating Officer of Aether comments, "Working with Fleetco presents Aether with an opportunity to test our technology in a real-world transportation application. Our catalyst technology has come a long way in the last few years and we're eager to take these next steps towards commercialization."
Paul Woodward President of Aether adds, "We're tremendously excited about this opportunity - this is a needs-based scenario - Fleetco is seeking to innovate to solve an expensive and rapidly growing problem with a cost in both dollars and operating inefficiency. Our catalyst is not only less expensive than the incumbent PGM catalyst, but it is also far less likely to be stolen. We are looking forward to begin the development of our non-PGM catalyst solution with Fleetco."
Aether Catalyst Solutions, Inc. is focused on providing an order of magnitude cost reduction in automotive catalytic converter catalyst, while meeting, or exceeding government emission standards. Aether is working to quickly advance its technology through rapid screening of new materials directed at enhancing end of life conversion levels after accelerated aging. While Aether's primary focus has been automotive applications, the company is also developing catalysts to address small motors emissions - a significant contributor to urban air pollution.
FOR FURTHER INFORMATION PLEASE CONTACT:
Aether Catalyst Solutions, Inc.
Tel: 604 690-3797
The Canadian Securities Exchange ("CSE") or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this management prepared news release.
This release may include certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Aether expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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