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Aqua Metals Receives 1st Insurance Reimbursement of $2.5M AquaRefinery Released By Fire Marshal
MCCARRAN, Nev., Dec. 27, 2019 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with
About this update from Aqua Metals, Inc.
[{"type":"text","content":"MCCARRAN, Nev., Dec. 27, 2019 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its AquaRefining™ technology, today announced that it has received a first installment bank wire of $2.5M from its insurance carrier for damages suffered as a result of the November 29th fire. In addition, now that the on site investigation and data collection process has been completed by the local Fire Marshal, the AquaRefinery has been released back to the Company. The full plant access will allow the Company, along with its recently retained public adjuster to complete a comprehensive damage assessment necessary for a comprehensive insurance claim.\n Company management, working with the public adjuster has already made significant progress in standard forensic accounting in order to document the losses. As this process unfolds in the coming weeks, the Company expects its insurance carrier to make additional tranche payments. These ongoing payments will help sustain the balance sheet until the full claim for losses is submitted and processed. “This first tranche of reimbursement is an important step towards our efforts to collect reimbursements for the total damages,” stated Steve Cotton, President and CEO. “With access to the key affected areas of the building, we can complete the process of determining the full extent of the damage, gaining a deeper grasp of the losses caused by this event while working with our partners and contractors to press the recovery forward as rapidly as possible,” concluded Mr. Cotton. In order to preserve cash and protect the long term strength of the business, the Compensation Committee of the Board has determined that all officers and employees receiving annual performance compensation are to be paid in shares rather than cash. As additional material tranches of insurance payments are received and future material developments regarding the fire and recovery occur, the Company will endeavor to promptly communicate this information to shareholders. About Aqua Metals Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing lead recycling with its patented AquaRefining™ technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution. The modular systems are intended to allow the Company to vastly reduce env...