Headwaters Technology Innovation (HTI) and Axens Join Efforts on Ebullated Bed Technology for Heavy Oil Upgrading Business Wire SOUTH JORDAN, Utah -- May 15, 2013 HEADWATERS INCORPORATED (NYSE: HW) announced today that HTI, a subsidiary of Headwaters, has entered into a technology alliance with Axens. Axens is recognized as one of the world’s leading providers of technologies, catalysts and services for oil refineries. The purpose of the alliance is to promote the combined use of Axens’ and HTI’s technologies to produce clean liquid fuels from residual (“bottom-of-the-barrel”) heavy oil. The alliance enables the companies to offer HTI’s proprietary HCAT^® Hydrocracking Technology in conjunction with Axens’ H-Oil^® ebullated bed hydrocracking process for residue upgrading. Ebullated bed hydrocracking reactors are currently in use at 12 refineries around the world, with several new H-Oil Units in development. While all ebullated bed systems are designed to attain relatively high levels of residual oil conversion, the combination of the H-Oil and HCAT Technologies, through the addition of HTI’s proprietary liquid catalyst precursor, enables even higher performance levels, either through enabling higher conversion levels than were previously possible, or by allowing refiners to utilize poorer-quality, lower cost crude oil feedstocks. Christian Dupraz, Axens’ Senior Executive Vice President for Process Licensing, stated, “This strategic alliance with HTI will allow refineries around the world and Axens H-Oil operators to benefit from the integration of our two complementary technologies. Axens, a global leader in Residue Hydrocracking technologies, will now be able to offer the most advanced and commercially proven residual oil upgrading process, thanks in part to the addition of HTI’s HCAT dispersed-catalyst technology.” Stephanie Black, President of Headwaters’ subsidiary HTI, made the observation that “We are very excited to have formed this alliance with Axens. The combination of Axens’ H-Oil technology with HTI’s HCAT technology should make the utilization of ebullated bed hydrocracking technology very attractive to refiners globally.” About Headwaters Incorporated Headwaters Incorporated is improving lives through innovative advancements in construction materials through application, design, and purpose. Headwaters is a diversified growth company providing products, technologies and services to the heavy construction materials, light building products, and energy technology industries. Through its coal combustion products, building products, and energy businesses, the Company has been able to improve sustainability by transforming underutilized resources into valuable products. www.headwaters.com About Axens Axens, www.axens.net, is an international provider of advanced technologies, catalysts, adsorbents and services, with a global reputation for basic engineering design excellence. The main scope of Axens' business is focused on the conversion of oil, coal, natural gas and biomass to clean fuels, as well as production and purification of major petrochemical intermediates. Axens' global offer is based on: highly trained human resources, modern production facilities and extensive commercial feedback from plants using our processes and catalysts all around the world. Forward Looking Statements Certain statements contained in this press release are forward-looking statements within the meaning of federal securities laws and Headwaters intends that such forward-looking statements be subject to the safe-harbor created thereby. Forward-looking statements include Headwaters’ expectations as to the managing and marketing of coal combustion products, the production and marketing of building materials and products, the licensing of residue hydrocracking technology and catalyst sales to oil refineries, results from the sale of coal cleaning assets, the development, commercialization, and financing of new products and technologies and other strategic business opportunities and acquisitions, and other information about Headwaters. Such statements that are not purely historical by nature, including those statements regarding Headwaters’ future business plans, the operation of facilities, the availability of feedstocks, anticipated benefits from the sale of coal cleaning assets, and the marketability of the coal combustion products, building products and catalysts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and our future results that are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Actual results may vary materially from such expectations. In some cases, words such as “may,” “should,” “intends,” “plans,” “expects,” “anticipates,” “targets,” “goals,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” or variations of such words and similar expressions, or the negative of such terms, may help to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward-looking. In addition to matters affecting the coal combustion products, building products, and energy industries or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled “Risk Factors” in Item 1A in Headwaters’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. Although Headwaters believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that our results of operations will not be adversely affected by such factors. Unless legally required, we undertake no obligation to revise or update any forward-looking statements for any reason. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Our internet address is www.headwaters.com. There we make available, free of charge, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our reports can be accessed through the investor relations section of our web site. Contact: AT THE COMPANY: Headwaters Incorporated Sharon Madden Vice President of Investor Relations 801-984-9400 or ANALYST CONTACT: Financial Profiles Tricia Ross, 916-939-7285
Headwaters Technology Innovation (HTI) and Axens Join Efforts on Ebullated Bed Technology for Heavy Oil Upgrading
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