GUELPH, Ontario, June 29, 2020 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation"), an emerging technology leader in the management of industrial and municipal wastewater and drinking water resources, is pleased to report that Pumptronics Incorporated (“Pumptronics”), CWTI's 100% owned subsidiary, generated equipment sales totaling $517,001 during Q1/Q2, 2020.
Private Placement – closed May 15, 2020
In connection with the Private Placement which closed on May 15, 2020, the Company paid finder's fees consisting of cash payments equal to 6% of the aggregate proceeds and 6% of granted warrants, at a price of $0.05 exercisable for a period of 5 years from the date of close, from subscriptions arranged by the Finders for an aggregate total of $10,800 cash and 540,000 share purchase warrants.
2020 is a time of unique challenges globally. Ontario remains a hot spot for COVID -19 with the government recommending protective measures for businesses and the general public. In order to address the potential risks to staff, CWTI suspended operations during April – May, 2020. The Company reopened in late May and remains vigilant in protecting our staff by adopting strict distancing rules and good hygiene practices.
Mr. Peter Kennedy, who joined the Board of Directors of CWTI in September 2018, has tendered his resignation. We thank Mr. Kennedy for his contribution during his tenure.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Current Water Technologies Inc.
Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors.
Pumptronics Incorporated, a division of CWTI, is an integrated pump station manufacturer that specializes in custom design and automation.
The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
Web Site: www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.