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HEADWATERS INCORPORATED (NYSE:HW) announced today that Headwaters Technology Innovation Group has entered into a technology alliance with Criterion Catalysts & Technologies to help petroleum refiners produce clean fuels from residual ("bottom-of-the-barrel") heavy oil.
The alliance allows Headwaters' proprietary HCAT™ Hydrocracking Technology to be offered in conjunction with Criterion's advanced residue upgrading catalysts for ebullated bed hydrocracking. The ebullated bed hydrocracking technology, in use at 12 refineries around the world, can attain relatively high levels of conversion of heavy residual oil to lighter transportation fuels such as diesel and gasoline. The HCAT Technology, in which a proprietary liquid precursor is used to generate a highly active, oil-soluble molecular catalyst, in conjunction with Criterion's advanced ebullated bed catalysts, enhances the performance of these units by enabling higher conversion levels than previously possible.
Pat Laabs, President of Criterion Catalysts & Technologies, commented, "We are very excited to enter into this strategic alliance with Headwaters. It will allow refineries around the world to benefit from the complementary strengths of Criterion, a global leader in hydroprocessing catalysts, and Headwaters, a pioneer in dispersed-catalyst nanotechnology."
Kirk A. Benson, Chairman and CEO of Headwaters, observed, "Operators of ebullated bed upgraders may see immediate benefits from the combination of Criterion's and Headwaters' catalysts in their existing facilities. In addition, new projects in their early design and developmental stages can incorporate the HCAT Technology and Criterion's advanced catalysts to help enable them to plan for higher conversion levels, or incorporate more difficult feedstocks than previously thought possible."
Criterion is the world's leading supplier of catalysts used in commercial ebullated bed units. Through the combination of Criterion's advanced ebullated bed catalysts and the HCAT molecular catalyst, the ebullated bed refiner will be able not only to increase conversion, but will also see measurable improvements in product quality, while reducing fouling and other operational problems which negatively impact on-stream time and maintenance costs.
About HEADWATERS INCORPORATED
Headwaters Incorporated’s vision is to improve sustainability by transforming underutilized resources into valuable products. Headwaters is a diversified growth company providing products, technologies and services to the energy, construction and home improvement industries. Through its energy, coal combustion products, and building products businesses, the Company earns a revenue stream that helps to provide the capital to expand and acquire synergistic new business opportunities.
About Criterion Catalysts & Technologies
Criterion Catalysts & Technologies L.P. is a wholly owned affiliate of CRI/Criterion Inc. Criterion Catalysts & Technologies L.P. supplies total packages of catalysts, services and solutions for refineries and is a leading provider of hydroprocessing, reforming, and specialty catalysts to the refining industry.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of federal securities laws and Headwaters intends that such forward-looking statements be subject to the safe-harbor created thereby. Forward-looking statements include Headwaters’ expectations as to the managing and marketing of coal combustion products, the production and marketing of building materials and products, the production and marketing of cleaned coal, the production and marketing of hydrogen peroxide, the licensing of resid hydrocracking technology and catalyst sales to oil refineries, the availability of refined coal tax credits, the development, commercialization, and financing of new technologies and other strategic business opportunities and acquisitions, and other information about Headwaters. Such statements that are not purely historical by nature, including those statements regarding Headwaters’ future business plans, the operation of facilities, the availability of feedstocks, and the marketability of the coal combustion products, building products, cleaned coal, hydrogen peroxide, catalysts, and the availability of tax credits, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and our future results that are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Actual results may vary materially from such expectations. Words such as “may,” “should,” “intends,” “plans,” “expects,” “anticipates,” “targets,” “goals,” “projects,” “believes,” “seeks,” “estimates,” or variations of such words and similar expressions, or the negative of such terms,may help identify such forward-looking statements. Any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward-looking. In addition to matters affecting the coal combustion products, building products, and energy industries or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled “Risk Factors” in Item 1A in Headwaters’ Annual Report on Form 10-K for the fiscal year ended September 30, 2008, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses.
Although Headwaters believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that our results of operations will not be adversely affected by such factors. Unless legally required, we undertake no obligation to revise or update any forward-looking statements for any reason. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Our internet address is www.headwaters.com. There we make available, free of charge, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our reports can be accessed through the investor relations section of our web site.
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Headwaters Incorporated, South Jordan
Vice President of Investor Relations
Financial Relations Board
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