STWA Receives Contract Payment from Pipeline Research Council International (PRCI) for Viscosity Reduction Testing of Applied Oil Technology (AOT™)
SANTA BARBARA, CA--(Marketwire - Sep 15, 2011) - STWA, Inc. (
The Company received payment from the international consortium to co-fund the testing being conducted at the U.S. Department of Energy's Rocky Mountain Oilfield Testing Center (RMOTC) in Wyoming. The Company's technology is designed to reduce the energy consumed in the transmission of crude oil through pipelines by temporarily reducing the viscosity of the crude oil itself. The Company's technology has shown significant gains under laboratory conditions and has been confirmed to affect crude oil at a molecular level at the National Institute of Standards and Technology (NIST). The Company is currently testing its technology with the U.S. Department of Energy.
"This contract payment from PRCI marks another important milestone in our timelines for bringing our new technology to market," Mr. Cecil Bond Kyte, Chairman and CEO of STWA, Inc. "We are very grateful for the ongoing support we have received from PRCI moving things forward. This follows on the heels of a new, exclusive licensing agreement that we recently signed with Temple University, reflecting updated technologies and terms covering intellectual property related to STWA products, including our AOT™ prototype. These milestones represent important achievements that will benefit all parties for years to come."
About STWA, Inc.
STWA, Inc. (
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About PRCI
The Pipeline Research Council International (PRCI) is a research consortium comprised of the world's leading energy pipeline companies and vendors, service providers, equipment manufacturers, and support organizations to the pipeline industry. PRCI is a unique forum within the worldwide energy pipeline industry, delivering value to its members and the industry through the development and deployment of new solutions to the design, construction, integrity, operational, maintenance, and regulatory challenges that face the energy pipeline industry. Its members include 33 energy pipelines around the world that transport natural gas, crude oil and refined products. For more information about PRCI and a complete list of members, please visit http://www.prci.org/.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Released September 15, 2011