August 18, 2017 – Atlantis Research Labs is pleased to announce that it has formally acquired FormTech Machining Ltd., a Medicine Hat-based machining and fabrication company, for an undisclosed sum.
“With this acquisition, we are in a position to manufacture the PureJet waste gas incineration system in Medicine Hat,” says Vladimir Mravcak, CEO, Atlantis Research Labs. “If things go to plan, we anticipate adding 200 jobs over the next five years.”
The acquisition solidifies FormTech as Atlantis’s exclusive manufacturer of the PureJet waste gas incineration system, which uses jet propulsion technology to manage emissions and improve environmental performance.
“Several large oil and gas producers are evaluating PureJet right now,” says Mravcak. “PureJet is installed in the field with commercial partners who are demonstrating its efficiency.”
Atlantis began working with FormTech in 2015. Since then, FormTech has served as a demonstration site and manufacturer for the technology, while Atlantis has raised nearly $10-million in public and private sector funding.
“This is great news for Medicine Hat’s advanced manufacturing sector,” says Ryan Jackson, CEO, Invest Medicine Hat. “Our city is home to a high number of highly skilled fabricators. Partnerships like this help diversify the local economy by providing export-based growth opportunities.”
About Atlantis Research Labs
Atlantis Research Labs Inc. is a Canadian research and development company focused on aerospace, defense and energy. Atlantis develops and leverages patented technology to bring innovation to the market. Atlantis is currently refining a series of next generation jet combustors for use in the treatment of waste gas in the energy sector.
About FormTech Machining
FormTech Machining Ltd is a complete machine shop, servicing the specialty needs of oil and gas, aerospace, military, industrial and agricultural customers. FormTech has the capacity for precision design, modelling and fabrication services.
About Invest Medicine Hat
Invest Medicine Hat leads economic development and investment attraction for the City of Medicine Hat. Invest Medicine Hat helps new, expanding and relocating businesses access markets and business resources in Medicine Hat, Alberta, Canada.
For More Information Contact
|Vladimir Mravcak, CEO|
Atlantis Research Labs
|Ryan Jackson, CEO|
Invest Medicine Hat