- Parkway Minerals (PWN) shares are in the green today after reporting an update on a number of recent developments for its wastewater technology, brine processing as a solution (BPaaS) platform
- The company is well funded after divesting its holding in ASX-listed Davenport Resources (DAV) and completing a capital raise for over $5 million
- Parkway continues to grow BPaaS as it completed a preliminary techno-economic evaluation for a major global energy company
- In order to support the rollout of BPaas, the company is in discussions with an established water industry player
- In parallel with the BPaaS activities, the company recently commenced the establishment of small-scale products and services offering
- To help the company and this new business unit Parkway Processing Solutions has agreed to purchase a small but profitable water treatment business in WA
- On market close, Parkway is up 23.8 per cent and is trading at 2.6 cents per share
Parkway Minerals (PWN) shares are in the green today after reporting an update on a number of recent developments.
The company continues to make significant progress towards becoming a technology solution provider of choice, particularly for the high concentration process and wastewater related challenges in the global energy, mining and wastewater industries.
Recently, Parkway divested its holding in ASX-listed Davenport Resources (DAV), raising just over $2 million in net proceeds.
The divestment of the shareholding and the proceeds from the recently completed $5.25 million capital raising has allowed the company to continue to make significant progress towards the near-term goals.
Brine processing as a solution platform
The company continues to make encouraging progress in advancing its brine processing as a solution (BPaaS) platform.
Parkway recently completed a preliminary techno-economic evaluation for a major global energy company. The identity of this energy company is confidential at this time but Parkway has confirmed it is a top 20 global energy company.
Findings from this initial evaluation show a range of benefits to the client from the processing of the target problematic wastewater through the BPaaS platform.
In order to support the rollout of BPaas, the company is in discussions with an established water industry player about the prospect of launching a collaborative
partnership.
Under this partnership, Parkway would provide access to its portfolio of technologies and the partner would support project delivery.
And on top of that, the company is also in talks to purchase certain rights to an additional wastewater treatment technology that has synergies with the existing technology portfolio.
New business unit
In parallel with the BPaaS related activities, the company recently commenced the establishment of a small-scale products and services offering for the water treatment sector.
In addition to a number of key hires, the company has created a commercial relationship with several strategic industry players.
To help the company and this new business unit, Parkway Processing Solutions has agreed to purchase a small but profitable water treatment business in Western Australia.
Parkway will purchase the small business for $420,000, with a further payment of up to $100,000 payable at the 12 month anniversary if the business continues to generate net revenues of at least $1 million.
The business being purchased has been in operation for over a decade and has an established client base with approximately 100 customers.
Parkway will provide further details upon the completion of the acquisition, which is currently scheduled to occur later this month.
“At Parkway, we continue to be resolutely focussed on our core mission. We understand precisely the type of company we need to build, to enable us to provide leading global companies, with a suite of next-generation water treatment-related technologies through our BPaaS platform,” Managing Director Bahay Ozcakmak said.
“In a relatively short period of time, we have successfully realigned and recapitalised the company, grown both our team and capabilities and positioned the company strongly to capture existing and emerging growth opportunities, in the global water treatment industry,” he added.
On market close, Parkway is up 23.8 per cent and is trading at 2.6 cents per share.