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One year since it made its maiden profit, Phoslock Environmental Technology (ASX: PET) has been recognised by China’s water ministry.
The ministry’s Science and Technology Promotion Centre has released its Official Guide for 2019 which promotes water conservation technology. Phoslock shareholders were informed this morning they had made the cut.
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Phoslock is a material that attacks phosphate. When phosphate is present in water it is easier for quality and odour issues to be present including algae.
According to the company this has been applied to over 250 water bodies around the world. In this context, appearing on a government guide may seem minor. But, chairman Laurence Freedman declared this would be a significant step in helping Phoslock market its products in China.
“This level of recognition for our benchmark product speaks volumes to all the hard work put in by the Company and our Chinese partners to secure this status so rapidly,” he said.
“The opportunities this official acknowledgement offers the Company will be significant.”
It is common knowledge that air quality is a significant problem in China, but water quality is just as concerning, especially in regional areas.
Surveys conducted last year, by Chinese environmental officials, found 29 per cent of water samples were unsuitable for drinking and fishing and phosphorus was one of the major pollutants.
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While shares are unchanged so far today, they have jumped over 70 per cent in the last two weeks.
In other ASX corporate news today
Bitcoin has been rising in recent weeks, but the industry is divided as to whether this is a short-term boom or this a permanent resurgence. Two developments caught Stockhead’s eye.
First, Security Matters (ASX: SMX) signed an MoU with a blockchain software firm, R3, to develop a new blockchain application. CEO Haggai Alon said Security Matters will offer R3 a “full brand protection and security offering on the blockchain” and said this will be delivered “in a matter of weeks”.
Second, Fatfish Blockchain (ASX: FFG) chairman Dato’ Liou (Larry) Nyap Gan spent $1.1 million last Friday converting his options into shares. In one day, he went from owning 17 million shares to 117 million and now has over 16 per cent of the company.
Pursuit Minerals (ASX: PUR) has announced it will try to list in London. The company is conducting a roadshow this week in London and has appointed financial and legal advisors as well as brokers. Pursuit’s managing director Jeremy Read said this was “logical” due to “considerable investor interest in the company’s vanadium projects within the investment community in London”. It hopes to complete the process by the end of the year although it will not delist from the ASX – it will be dual-listed.