CARBO® Announces Signing of Production Agreement with INNOVAR AG, LLC, a Leader in Agriculture Technology Products
The agreement combines CARBO’s technological capabilities and expertise in manufacturing and material science, with INNOVAR’s new Encapsulated Infused Fertilizer (“EIF”) technology, and extensive experience with Enhanced Efficiency Fertilizers (“EEF”), in both Agricultural and Turfgrass markets. The companies have worked together to develop and produce, a new EEF type product that reduces nitrogen loss, increases microbial populations, and enables phosphorus, potash, sulphur and micro nutrients to be released from the soil profile and become better utilized by plants.
Gary Kolstad, Chairman and CEO of CARBO commented, “We are excited to sign another agreement in the fast-growing agriculture technology space, which allows us to utilize our core strengths of technology innovation coupled with our manufacturing expertise. INNOVAR AG is a leader in developing EEF technology, which ultimately helps to make crops more productive to better serve the increasing global demand for food products, but also reduces the environmental impacts associated with the inefficient fertilizers used today. Today’s announcement is another step forward in our transformation strategy to utilize our technology and plant assets to diversify into other end-markets, and is similar to our current production agreement with another leading agriculture technology products company. We will continue to look for more client opportunities to grow our presence in EEF technologies and agriculture.”
Andrew Semple, CEO of INNOVAR AG commented, “Combining our knowledge and experience in EEF technologies with CARBO’s extensive material science and precision manufacturing capabilities was critical in allowing us to develop InnoSolve 45NTM. This product is the most cost-effective, broad spectrum fertilizer technology on the market. We expect strong adoption of this product based on positive research studies that support its efficacy. As an example, one research study performed on corn crops with InnoSolve 45N components showed an approximate 24% increase in yield, with an approximate 5-to-1 return on investment. We look forward to helping our customers achieve higher yields while lowering their environmental impact associated with run off and gaseous losses with this EIF technology during the 2020 growing seasons, both domestically and internationally.”
CARBO® (NYSE: CRR) is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural, and environmental markets to enhance value for its clients.
CARBO Oilfield Technologies – is a leading provider of market-leading technologies to create engineered production enhancements solutions that help E&P operators to design, build and optimize the frac – increasing well production and estimated ultimate recovery, and lower finding and development cost per barrel of oil equivalent.
CARBO Industrial Technologies – is a leading provider of high-performance ceramic media and industrial technologies engineered to increase process efficiency, improve end-product quality and reduce operating cost. CARBO has world class manufacturing expertise. We bring new products to market faster to meet client demands.
CARBO Environmental Technologies – is a leading provider of spill prevention and containment solutions that provide the highest level of protection for clients’ assets and the environment in oil and gas and industrial applications. Our range of innovative products feature a proprietary polyurea coating technology that creates a seamless, impermeable, maintenance-free layer of protection.
Investor contact: Mark Thomas, Director Investor Relations – +1 281-921-6400
For more information, please visit www.carboceramics.com.
About INNOVAR AG
INNOVAR AG provides innovative and quality products to the nutrient efficiency market; including an environmental, agronomic and economic focus. INNOVAR AG’s courteous, knowledgeable and professional team help its global partners differentiate their nutrient product offers, educate the market and lead value-added sales strategies.
For more information, please visit www.innovarag.com.
Andrew Semple, CEO
The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance and liquidity and capital resources, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as “may”, “will”, “estimate”, “intend”, “continue”, “believe”, “expect”, “anticipate”, “should”, “could”, “potential”, “opportunity”, or other similar terminology. All forward-looking statements are based on management’s current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in the demand for, or price of, oil and natural gas, changes in the cost of raw materials and natural gas used in manufacturing our products, risks related to our ability to access needed cash and capital, our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, risks of increased competition, technological, manufacturing and product development risks, our dependence on and loss of key customers and end users, changes in foreign and domestic government regulations, including environmental restrictions on operations and regulation of hydraulic fracturing, changes in foreign and domestic political and legislative risks, risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks, risks associated with the successful implementation of our transformation strategy, and other risks and uncertainties. Additional factors that could affect our future results or events are described from time to time in our reports filed with the Securities and Exchange Commission (the “SEC”). Please see the discussion set forth under the caption “Risk Factors” in our most recent annual report on Form 10-K, and similar disclosures in subsequently filed reports with the SEC. We assume no obligation to update forward-looking statements, except as required by law.