- Revenue Generation to Commence and Accelerate For Duration of Agreement -
SECOND AMMEL-AQUA UNIT PURCHASED
TO BE DISPLAYED AT SEAFOOD EXPO NORTH AMERICA/SEAFOOD PROCESSING NORTH AMERICA IN MARCH, 2022
GUELPH, Ontario, Feb. 22, 2022 (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, announced today that the Company has executed a Definitive Marketing and Sales Agreement for Aquaculture and Aquatic Animals (“Definitive Agreement”) with a consortium of aquaculture companies collectively operating as Ship Nature’s Way Inc. (SNW) and GIS Ventures Inc. (GISV) (refer to Press Release dated Sept 21, 2021).
CWTI has signed the Definitive Agreement with SNW and GISV for an exclusive sales and marketing license with mutually agreed sales milestones. The initial term of this exclusivity contract is 10 years; the contract will be automatically renewed on the condition that all terms of the contract have been strictly adhered to. The Year 1 minimum sales milestone is approximately CAD $1.35 million. In each subsequent year of the agreement, SNW/GISV shall do a minimum combined sales of approximately CAD $3.72 million. Based on the level of interest from the Live Haul/Temporary Storage and Aquaculture Business Sectors, SNW/GISV anticipate near-term robust sales of CWTI’s novel ammonia treatment system.
Ammonia, after oxygen, is generally considered the water quality parameter that most affects the health of aquaculture animals. This issue is most important in intensive systems which require comprehensive treatment of the water before recirculation. Even low levels of ammonia cause stress and poor growth, damage gills and other tissue, and increase susceptibility to bacterial infections.
Ammonia is the principal metabolic waste product of fish and other aquaculture animals. Therefore, it is extremely important that ammonia is not allowed to accumulate to toxic levels by aggressively treating the water during pre-transport conditioning and transportation.
Dr. Gene Shelp, Current Water’s CEO, said, “This is a decisive milestone for Current Water. We will be generating significant revenue in a new sector that also promises robust growth. The opportunities for Current Water in existing and new markets are increasing quarter by quarter. We are very pleased with the preliminary test results for the AmmEL-Aqua prototype for shipping containers. SNW’s Live Haul testing program is scheduled to continue until May, 2022. CWTI anticipates sales of this AmmEL-Aqua model immediately following completion of the testing program with SNW outfitting a minimum of 30 of its existing container fleet during Year 1.
“Sales and marketing activities of AmmEL-Aqua systems to the Aquaculture sector have begun. For example, SNW/GISV have already purchased a second system for display at the upcoming Seafood Expo North America/Seafood Processing North America to be held in Bostion in March 2022. Sales are expected to result by the second-third quarters of 2022.
“Over the next few years, CWTI and NSW/GISV believe that the market value of the growing global aquaculture sector, predicted to be US $340 billion in 2027, will result in an exciting demand for CWTI’s AmmEl-Aqua systems.”
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:
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
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.
