DGAP-News: Pacific Green Technologies Inc.
/ Key word(s): Agreement
02.12.2020 / 15:00
The issuer is solely responsible for the content of this announcement.
Pacific Green Signs Joint-Venture Agreement With Amkest Group To Expand Into The Kingdom Of Saudi Arabia
DOVER, DE / ACCESSWIRE / December 2, 2020 / Pacific Green Technologies, Inc. (the "Company" or "PGTK", (OTCQB:PGTK)) is pleased to announce that it has signed a Joint-Venture Agreement ("JV") with Amr Khashoggi Trading Company Limited ("Amkest Group") to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green's environmental technologies within the region.
Amkest Group, which was founded in 1983, has a 37-year history of success in Saudi Arabia developing a diverse business group, with a portfolio that includes construction material production and supply, property investment and development, and consulting and advisory services.
Scott Poulter, PGTK's Chief Executive commented: "The Kingdom of Saudi Arabia, under its 'Vision 2030' strategic framework, which calls for 9.5 GW of the Kingdom's energy to be supplied through renewables by 2030, is set to undergo rapid growth, and we are very proud to partner with Amkest Group to ensure we position Pacific Green as a leader. In Amkest Group, we have aligned with an organization that brings decades of first-hand, market-specific experience and an incredible track-record of delivering industry-leading solutions across the region."
Amr Khashoggi, Chairman of Amkest Group, commented: "We believe the combination of our experience and knowledge of the Saudi market, coupled with Pacific Green's portfolio of technologies and relationship with PowerChina, provides the foundation for an incredible partnership and the opportunity to offer multiple complementary technologies in this market."
Scott added: "Pacific Green's technologies, particularly in the solar power, desalination and battery energy storage system (BESS) sectors, provide the perfect solution to the Kingdom's growing demand, and we are excited to leverage Amkest Group's hard-earned relationships to contribute towards the goals of Vision 2030. With the JV led by Chairman, Salman Alireza, and Managing Director, Bear Maclean, we are confident of delivering rapid growth in the whole region."
Amkest Group is overseen by founder, Amr Khashoggi, who holds board positions in numerous influential companies and government bodies across the Kingdom and is currently serving as Strategic Advisor to the Kingdom's prominent new development city, King Abdullah Economic City (KAEC). Amkest Group's leadership team is led by Chief Executive Officer, Salman Alireza, whose background includes various founding, executive and director-level positions in the business development sector within the Kingdom of Saudi Arabia, in addition to an MBA from London Business School.
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The Company's strategy is to build through organic development and acquisition, a portfolio of patented competitive, cutting-edge technologies designed to meet increasingly stringent environmental standards.
For more information, visit PGTK's website:
About Amr Khashoggi Trading Company Limited (Amkest Group):
Amkest Group has been developing companies for nearly four decades, including Global Gypsum Company (3G), Moghrabi Decor Services (MDS) and the Qaderoon Business Disability Network. Amkest Group continues to expand its current operations and undertake new business opportunities in Saudi Arabia and the GCC region.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Pacific Green's technologies, potential business developments around the world and future interest in our green technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the JV with Amkest Group, and the ongoing impact of the pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659
SOURCE: Pacific Green Technologies, Inc.
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