Umbra Applied Technologies Group Inc (OTCMKTS:UATG) Stock Rockets after Announcing Big News
One of the companies that investors could do well to keep an eye on this week is Umbra Applied Technologies Group Inc (OTCMKTS:UATG). The company is in the news cycle today after it announced that its subsidiary company H20 Processing had bagged a contract to treat contaminated crude oil from Synergy Crude LLC.
Trading Data
On Tuesday, UATG stock surged 74.19% to $0.0108 with 30.91 million shares, compared to volume of 1.78 million shares. The stock moved within a range of $0.0063 – 0.0112 after opening trade at $0.0069.
UAT Group’s Subsidiary, H2O Processing, Announces Second Contract Valued Over $15.4 Million
It may be a good idea for investors to take a closer look at the development and some of the details from the contract. Depending on existing production, H20 Processing is going to be responsible for treating as much as 1500 bbls on a daily basis.
In addition to that, there is a specification in the contract for the iron contamination to be lower than 10 ppm so that the end product could be suitable for a pipeline in the United States.
The agreement also provides for the rise in production to as much as 8000 bbls a day which could result in service contracts valued at as much as $15.4 million on an annual basis. The monthly production in the initial days is expected to generate production valued at around $250000. The latest contract is in addition to the contract that had been announced last week.
Key Quote
H2O Processing Chief Executive Officer, Stan Abrams stated, “We are excited about the ability to provide a proprietary technology that solves a major problem for the oil industry. We continually strive to meet challenges and problems in the treatment of water and oil industries”.
