Abtech Holdings, Inc. Signs First Letter Of Intent With California Municipality For Stormwater Public-Private Partnership
SCOTTSDALE, Ariz., Dec. 27, 2012 /PRNewswire/ -- Abtech Holdings, Inc. (OTCQB: ABHD) ("AbTech" or the "Company"), a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination, today announced that the City of Monrovia, California has signed a Letter of Intent ("LOI") with AbTech for a stormwater public-private partnership ("P3"). The LOI immediately engages AbTech to assess the City's facilities and regulatory requirements so that the City may move forward with a stormwater P3.
Monrovia, located in the foothills of the San Gabriel Mountains, is the fourth oldest city in Los Angeles County with a population base of approximately 37,000. The current Mayor of Monrovia, Mary Ann Lutz, is a member of the U.S. Conference of Mayors' Water Council and the most recent chair of the Los Angeles Regional Water Quality Control Board (LARWQCB).
In November, LARWQCB issued new stormwater requirements for the County, Flood Control District and all incorporated municipalities in the LA-area to now cover 33 regulated contaminants including dozens of never-before-regulated contaminants such as bacteria, metals and toxics.
Last year, Monrovia was named the most business friendly city in Los Angeles County, according to an award given by the Los Angeles County Economic Development Corporation (LAEDC). In addition to Mayor Lutz's role on the Water Board, she is or has been a member of the San Gabriel Valley Council of Governments, chairperson of the San Gabriel Valley Council of Governments Environmental and Energy Committee and Water Working Group, and a member of the Los Angeles County Integrated Waste Management Task Force.Glenn Rink, CEO of AbTech commented, "This first development with a municipality was achieved following months of due diligence and modeling and marks a key milestone for our Company. We look forward to 2013 as we anticipate orders from various municipalities early in the year, as described on our third quarter earnings call last month." AbTech will release further details on the project next month.
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