Exhibit 99.2

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

PROFORMA FINANCIAL STATEMENTS

         The following unaudited proforma condensed combined balance sheet aggregates the balance sheet of LIQTECH INTERNATIONAL, INC. ("PARENT") as of March 31, 2014, and the balance sheet of PROVITAL SOLUTIONS A/S (“SUBSIDIARY”) as of March 31, 2014, accounting for the transaction as a acquisition of the SUBSIDIARY with the payment of cash and issuance of shares for all the issued and outstanding shares of SUBSIDIARY and using the assumptions described in the following notes, giving effect to the transaction, as if the transaction had occurred as of March 31, 2014. The transaction will be completed on approximately July 24, 2014.

         The following unaudited proforma condensed combined statement of operations reflects the results of operations of LIQTECH INTERNATIONAL, INC. for the three months ended March 31, 2014 and the years ended December 31, 2013 and 2012, and the results of operations of PROVITAL SOLUTIONS A/S for the three months ended March 31, 2014 and the years ended December 31, 2013 and 2012 as if the transaction had occurred as of January 1, 2012.

         The proforma condensed combined financial statements should be read in conjunction with the separate consolidated financial statements and related notes thereto of LIQTECH INTERNATIONAL, INC. , and the financial statements of PROVITAL SOLUTIONS A/S. These proforma condensed combined financial statements are not necessarily indicative of the combined financial position, had the acquisition occurred on the date indicated above, or the combined results of operations which might have existed for the periods indicated or the results of operations as they may be in the future.

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

UNAUDITED PROFORMA CONDENSED COMBINED BALANCE SHEET

See Notes To Unaudited Proforma Condensed Combined Financial Statements.

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

UNAUDITED PROFORMA CONDENSED COMBINED BALANCE SHEET

See Notes To Unaudited Proforma Condensed Combined Financial Statements.

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

UNAUDITED PROFORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

See Notes To Unaudited Proforma Condensed Combined Financial Statements.

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

UNAUDITED PROFORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

See Notes To Unaudited Proforma Condensed Combined Financial Statements.

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

UNAUDITED PROFORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

See Notes To Unaudited Proforma Condensed Combined Financial Statements.

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

NOTES TO UNAUDITED PROFORMA CONDENSED COMBINED FINANCIAL STATEMENTS

NOTE 1 – LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES

The terms "Company", “us", "we" and "our" as used in this report refer to LiqTech International, Inc., a Nevada corporation organized in July 2004, (“Parent”) and its subsidiaries . The Company engages in the development, design, production, marketing and sale of liquid filters, diesel particulate air filters and kiln furniture in United States, Canada, Europe, Asia and South America. 

NOTE 2 – PROVITAL SOLUTIONS A/S

The financial statements include the accounts of PROVITAL SOLUTIONS A/S, a Danish Corporation (“Subsidiary”) incorporated on September 1, 2009, engages in the manufacturing fully automated filtering systems for application within the pool and spa markets, marine time applications, and a number of industrial applications within Denmark and international markets.

NOTE 3 – FUNCTIONAL CURRENCY

The functional currency of LIQTECH INTERNATIONAL, Inc. is the U.S. Dollar. The Functional Currency of PROVITAL SOLUTIONS A/S is the Danish Krone (“DKK”),. The Company’s reporting currency is U.S. Dollar for the purpose of these unaudited proforma financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. dollars at the average exchange rates prevailing during the periods and years ended 2014, 2013 and 2012. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.

NOTE 4 PROFORMA ADJUSTMENTS

On July 15, 2014, LIQTECH INTERNATIONAL, INC. entered in a purchase agreement with the shareholders of PROVITAL SOLUTIONS A/S to acquire the 1,575,000 issued and outstanding shares PROVITAL SOLUTIONS A/S for DKK 46,200,000 (approximately $8,400,000) based on the estimated exchange rate of 5.50 Danish Krone to 1 United States Dollar on closing) and DKK 10,000,000 ($1,818,181) in certain loan financing to PROVITAL SOLUTIONS A/S.

The DKK 46,200,000 is payable as follows:

DKK12,600,000 (approximately $2,300,000) payable in cash on closing.

DKK 33,600,000 (approximately $6,100,000) payable in common shares of LIQTECH INTERNATIONAL, INC. (approximately 2,900,000 common shares based upon an approximate $2.10 price per common shares of LiqTech International, Inc.) The exact number of common shares of LIQTECH INTERNAITONAL , INC. will be calculated using the same share price as the new investors are offered, when raising capital for this transaction. The selling shareholders shall on the Closing Date receive the common shares subject to the lock-up and released in accordance with the terms of the purchase agreement:

LIQTECH INTERNATIONAL, INC. AND

PROVITAL SOLUTIONS A/S

NOTES TO UNAUDITED PROFORMA CONDENSED COMBINED FINANCIAL STATEMENTS

NOTE 4 PROFORMA ADJUSTMENTS - Continued

Pursuant to the terms of the purchase agreement, once delivered, one-third (1/3) of the Payment Shares shall be subject to a lock-up period of six (6) months pursuant to a lock-up agreement to be executed by the Seller. The remaining two-thirds (2/3) of the Payment Shares will be delivered to a mutually agreed upon escrow agent. One-third of the Payment Shares will be released escrow contingent upon Provital, for the year ending December 31, 2014, achieving (i) gross revenues of not less than DKK65,000,000 and a ratio of EBITDA to gross revenues of at least 10%, or (ii) EBITDA of not less than DKK10,000,000 and gross revenues of not less than DKK50,000,000. Another one-third of the Payment Shares will be released from escrow contingent upon Provital, for the year ending December 31, 2015, achieving (i) gross revenues of not less than DKK120,000,000 and a ratio of EBITDA to gross revenues of at least 10%, or (ii) EBITDA of not less than DKK16,000,000 and gross revenues of not less than DKK80,000,000. The purchase agreement includes “catch up” provisions that provide that the Payment Shares placed in escrow will be released from escrow if Provital (1) for the years ending December 31, 2014 and December 31, 2015, achieves accumulated gross revenues (i) exceeding DKK185,000,000 and a ratio of EBITDA to gross revenues of at least 10%, or (ii) EBITDA of not less than DKK26,000,000 and gross revenues of not less than DKK130,000,000 or (2) for the year ending December 31, 2016, achieves gross revenues exceeding DKK105,000,000 and an EBITDA of not less than DKK21,000,000.

Proforma adjustments on the attached financial statements include the following:

[A] To record the acquisition of PROVITAL SOLUTIONS A/S for DKK 46,200,000 (approximately $8,400,000 based on the estimated exchange rate of 5.5 Danish Krone to 1 United States Dollar). DKK12,600,000 (approximately $2,300,000 payable in cash on closing and DKK 33,600,000 in common stock (approximately 2,900,000 common shares of LIQTECH INTERNATIONAL, INC. based upon an approximately $2.10 assumed price per common shares of LiqTech International, Inc.

[B] To eliminate the intercompany transactions between LIQTECH INTERNATIONAL, INC. and PROVITAL SOLUTIONS A/S

NOTE 5 - PROFORMA (LOSS) PER SHARE

The proforma earnings (loss) per share is computed based on the weighted average number of common shares outstanding during the period plus the estimated shares issued in the acquisition had the acquisition occurred at the beginning of the periods presented (not in thousands).