Florida- based Poly Shield Technologies Inc., sign an installation agreement with LMS Shipmanagement Inc. a wholly owned subsidiary of International Shipholdings Corp., ISH NYSE.
The agreement will focus, initially, on a two vessel installation and certification of its newly developed DSOX-15 Fuel Purification System. The agreement will also allow for DSOX-15 system installations on up to an additional 40 ships.
The DSOX-15 system, with its new approach to sulfur removal, is expected to comply with the new emission regulations set to take effect in January 2015. CEO, Rasmus Norling, commented, "This Development Agreement with LMS is a significant step forward in achieving our Company's business goals and allowing Poly Shield Technologies Inc. to demonstrate it's DSOX-15 Fuel Purification System's capabilities in a real world environment."
The company says it intends to update the public on the installation and certification milestones of the DSOX-15 Fuel Purification System as it progresses through the development process to compliance certification. They add that their proprietary DSOX-15 Fuel Purification System is a cost-effective technology designed to remove sulfur from fuel in an effort to meet the upcoming sulfur emissions regulations due to take effect in 2015.
The technology is directly aimed at the maritime industry which includes vessels for criuse-line, freight shipping and tanker companies and can be installed during normal vessel operation without the need to use expensive dry dock time.