NEWTOWN, PA and VANCOUVER, BC, May 26, 2021 — Jericho Energy Ventures (TSXV: JEV; Frankfurt: JLM0; OTC: JROOF) (“Jericho” or “JEV” or the “Company”) is pleased to announce its wholly owned subsidiary, Hydrogen Technologies Inc (HTI), has introduced its newest Generation 2.0 cleanH2steam DCC™ Boiler 3000 Series design.
Since Jericho’s acquisition of HTI in February 2021, HTI’s engineering team along with their UK manufacturing partner, UnitBirwelco, has been refining and improving their previous Generation 1.0 design to meet and exceed customer expectations in the steam boiler market. HTI’s Generation 2.0 DCC™ Boiler has an improved and streamlined fuel delivery system featuring high precision mass flow meters, increased process monitoring and remote management options. The engineering team also made improvements to the ignitor design providing optimum combustion resulting in higher thermal efficiencies.
The engineering design was also accompanied by an active procurement strategy which led to metallurgy changes that address the current high cost and long lead time of stainless steel in global supply chains. Providing a cost effective cleanH2steam DCC™ boiler is one of HTI’s highest priorities.
Brian Williamson, CEO of JEV, stated, “We are proud to introduce our new Generation 2.0 of our breakthrough cleanH2steam DCC™ boiler solution. We are grateful for the teamwork and ongoing relationship with UnitBirwelco and look forward to helping reduce global emissions as we commercialize our zero-emission boiler for the commercial and industrial steam market. I would also like to thank HTI’s President, Janet Reiser, along with the Founder & Chief Technology Officer of HTI, Ed Stockton, for leading the charge to improve upon this world class technology.”
About Jericho Energy Ventures
Jericho Energy Ventures (www.jerichoenergyventures.com) (JEV) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems. JEV’s wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission, boiler technology to the $30 Billion Commercial & Industrial heat and steam industry. JEV also owns and operates producing oil and gas assets in the US Mid-Continent, predominantly in Oklahoma.
CONTACT:
Adam Rabiner
Director of IR
Jericho Energy Ventures
604.343.4534
adam@jerichoenergyventures.com
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information and statements which include, but are not limited to: the effects of and risks associated with the ongoing COVID-19 pandemic, the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
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