GUELPH, Ontario, April 26, 2018 (GLOBE NEWSWIRE) -- Dr. Gene Shelp, President and CEO of Current Water Technologies Inc. (TSXV:WATR) (“CWTI” or “the Company”), is pleased to announce that the transfer of Pumptronics to CWTI's facility in Guelph, ON has been completed. To accommodate Pumptronics, the Company has leased an additional 10,000 sq. ft unit immediately adjacent to its existing office and manufacturing space.
To improve the profitability of Pumptronics in its inaugural year as a member of the CWTI brand, management has revamped its pricing structure, renegotiated supplier relationships, reduced its overhead, augmented its sales/marketing and service teams, and streamlined its production circuit. Already, there is a $800,000 pipeline of new sales and service contracts.
Dr. Shelp, Founder and CEO of the Company commented, “I want to acknowledge the hard work of the CWTI team on the successful transfer and integration of the Pumptronics operation. We are excited about the positive dynamics within the team and its commitment to the success of the Company."
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 the Company, is an integrated pump station manufacturer specializing in custom design and automation.
The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.