CWTI Receives Milestone Payment of $425,000 From Chemsbro
GUELPH, ON–(Marketwired – March 13, 2018) – Dr. Gene Shelp, CEO of Current Water Technologies, Inc. (TSX VENTURE: WATR) (“CWTI” or “the Company”), is pleased to announce that the Company has received a milestone payment of CAD $425,000 from Chemsbro of the Kingdom of Saudi Arabia (KSA). To date, CWTI has received a total of CAD $1,400,000 toward the purchase of the ESD 900K system. The final payment of approximately CAD $400,000 will be received immediately prior to shipping the system.
The system is being constructed inside four, 40-foot shipping containers. The Company expects the system to be shipped this summer, and its installation and commissioning to occur in the fall. The system will be installed at an industrial site located near the city of Jeddah, which is situated in western KSA on the shore of the Red Sea.
Dr. Shelp commented, “The commissioning of this state-of-the-art water treatment system will represent the official commercial launch of CWTI in the Middle East.”
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 will operate as a division of the Company and continue to function as 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.
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.
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