GUELPH, Ontario, April 14, 2021 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) (" CWTI " or " the Company " or " the Corporation "), an emerging technology leader in the management and treatment of industrial and municipal wastewater and drinking water resources, provided today a corporate update.
Current Water has an increasing sales pipeline. During the first quarter, the Company received a record of 47 requests for quotations for sales of pumping stations, of various designs and capacities, and for municipal and industrial water treatment systems.
Also, during the first quarter of 2021 the company completed the fabrication of the following two custom-automated pumping systems. Fabrication of a third major pumping station is scheduled to be completed and shipped by the middle of May.
In early March, an Agriculture Irrigation Pumping Station (photo to the right) was loaded onto two (2) 53-foot trailers for transport to Manitoba.
This station is comprised of two (2) 150-HP (horse-power) submersible vertical turbine pumps designed to deliver 3800 USGPM (US gallons per minute) at a pressure of 95 PSI (pounds per square inch). Pre-treatment consists of a bank of parallel-flow single stage filters designed to remove suspended solids larger than 500 microns.
At the end of March, a Municipal Storm Water Irrigation Pumping Station (photo to the left) was loaded onto a 53-foot trailer for transport to Alberta.
This station is comprised of two (2) 25-HP submersible vertical turbine pumps capable of delivering 440 USGPM at a maximum pressure of 110 PSI. Pretreatment consists of an automated cleaning, multi-stage filtration system designed to remove suspended solids above 5 microns, followed by UV (ultra-violet) disinfection.
In response to our recent sales and marketing activities, CWTI has already received orders for new pumping stations totalling $170,000. Based on the level of interest, the Company anticipates robust sales of its proprietary custom-automated pumping stations in 2021.
Dr. Gene Shelp, Current Water’s CEO, said, “We are excited about the accelerating sales growth potential for our pumping division. Furthermore, despite the challenges with COVID, we are optimistic that our continuing discussions with interested parties will result in near term sales of our patented water treatment systems.
The Company is encouraged by the Biden Administration’s recent announcement of a $2 trillion USA infrastructure plan, which includes a focus on green energy, as well as $112 billion for rebuilding the country’s water infrastructure.
We are exceptionally well positioned to successfully take advantage of the boom in infrastructure investment, especially with the increasing importance of water infrastructure. With our improved balance sheet we are investing in hiring senior sales and technical staff to further our growth. We expect to make further announcements this quarter.
This major initiative, coupled with the revival of the US EPA and environmentally responsible water management, represents a unique opportunity for CWTI as its strategic plan includes the recovery of clean energy in the form of hydrogen gas while treating ammonia, a significant environmental contaminant.”
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 operates 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
Andreas Curkovic, Proconsul Capital: 416-577-9927
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
E-mail: gshelp@currentwatertechnologies.com
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.
Two photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0cfb2f5c-a6a7-464d-a624-98d22c7146c0
https://www.globenewswire.com/NewsRoom/AttachmentNg/faa35b85-0096-4647-84f0-c5fe8d61629f
