WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Alltemp, Inc. (OTCPK: LTMP), a manufacturer of proprietary, environment-friendly refrigerants designed to deliver significant energy and financial savings, announced the approval by the Government of India for the establishment of its India entity, “Alltemp Sustainable Refrigerants India Private Limited.”.Alltemp’s India entity received its Certificate of Incorporation, dated June 10th, 2019, from India’s Ministry of Corporate Affairs.
The establishment of an India corporation opens the door for Alltemp, Inc. to more efficiently deliver its energy saving proprietary alltemp® refrigerants for the massive India market and surrounding region. Alltemp has worked over the past 18 months to establish relationships and prove the value of its products in this region of the world while deepening its understanding of the significant need and market. With this entity formally established, Alltemp plans to substantially accelerate its business plans for sales in this region. Additional developments related to India are expected to be communicated soon.
On May 15, 2019, an updated research report issued by ResearchandMarkets.com noted that, “the India HVAC market is expected to attain a size of $5.9 billion by 2024, progressing at a CAGR of 7% during the forecast period (2019-2024). The major factors driving the growth of the market are increasing number of high-rise buildings, hypermarkets in Tier-II cities, and shopping complexes and malls, where HVAC systems are an essential requirement. Furthermore, the market is predicted to progress due to the on-going smart city projects in the nation.” See news at: https://www.businesswire.com/news/home/20190515005493/en/Indias-HVAC-Market-2019-Size-Share-Development
Alltemp, Inc. CEO Bill Lopshire stated, “India is one of the largest markets in the world for our refrigerants. Based on our relationships and sales projections with existing interested parties, this opportunity alone has the capability to deliver positive net income to Alltemp over the next six to nine months.”
About Alltemp, Inc.
Alltemp, Inc. has developed a proprietary refrigerant technology, after years of research and development, called alltemp®, a proven replacement for many worldwide refrigerants that have detrimentally affected the global environment. Alltemp® refrigerants are environmentally friendly, sustainable, and cost-efficient energy solutions for the residential and commercial marketplace. Alltemp refrigerants have broad applications, ranging from Heating Ventilation and Air Conditioning ("HVAC"), to refrigeration and foam insulation, to industrial solvents. Alltemp is the ideal solution for replacement R-134a, R-404a, and HCFC-22, better known as R-22, but which is rapidly being phased out in all developed countries due to environmental concerns over its strong effect on the depletion of the Earth's ozone layer. For further information, please go to alltempsolutions.com.
This press release contains "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"), as well as Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In particular, when used in the proceeding discussion, the words "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements are subject to certain risks and uncertainties that are subject to change at any time, and the Company's actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components for and delays in the start of production, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financing, and other risks.