Aqua Metals Provides Fire Recovery Update

Investigation Continues, Cash Uses Decreased

MCCARRAN, Nev., Dec. 16, 2019 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its AquaRefining technology, today is providing an update on the process the Company is using to investigate, inventory and recover.

Investigation

The cause of the fire remains under investigation and the physical investigation has been delayed by the need to first secure the safety of the AquaRefining area, which was the the primary area of fire damage.  We believe that the physical investigation can commence as early as the week of December 16 and at this point we are not certain when the investigation will be concluded and the AquaRefining portion of the building will be released back to the Company.  As previously announced, the AquaRefining processes and equipment had been idled and washed out since late September to facilitate the various capital upgrade projects in that section of the building.  These projects had been scheduled to be completed later in December as condition precedent to reactivate the AquaRefinery and run all 16 modules. 

Inventory

The Company is diligently working on documenting the inventory of the losses of equipment, property, business interruption and immediate costs related to supporting these activities.  Our ability to inventory the equipment through direct inspection however has been hindered by the safety requirements and need to preserve the scene for the investigators.

Security

The Company has increased its 24x7 manned and monitored security throughout the premises.

Insurance Engagement

The Company has engaged a public adjuster in business for over 50 years who will support the Company’s legal and finance team and provide forensic accounting, construction expertise and direct interface with the insurers to assist the Company in quickly and properly documenting the loss and maximizing the Company’s insurance recovery.

Cash Management

The Company has significantly reduced immediate cash use requirements by taking several measures, including stopping various construction projects, cancelling equipment ordering, returning process-based materials to suppliers for cash refund, selling remaining finished goods inventory and by releasing 69 employees, the great majority of which were engaged directly in plant operations.  The Company wishes only the best to these employees it had to release and has provided reasonable severance and assistance to support these great people who had contributed to our successes to date.