50/50 Joint-Venture to be Granted Exclusive Global Sales and Marketing Rights to CWTI’s Portfolio of Patented and Patent-Pending Electrochemical Water Treatment Technologies and Green Hydrogen Production From Waste Water
GUELPH, Ontario, Feb. 01, 2023 (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 binding Memorandum of Agreement (MOA) with Separtis Technologies Global Pte Ltd of Singapore.
CWTI’s CEO, Dr. Gene Shelp said that, “Separtis and CWTI have embarked upon an ambitious schedule to establish a 50/50 joint venture company for global sales and marketing activities focused on the water treatment and green hydrogen sectors by the end of Q1, 2023.
We believe that a unique and timely business opportunity exist to integrate leading-edge technologies with global market opportunities, strategic government climate and energy initiatives, aligned society and corporate interests, and funding specifically targeting ‘ESG’ (Environmental, Social, Governance) projects. The parties expect to execute Definitive Sales and Marketing and IP Transfer Agreements in February 2023.”
Current Water Technologies Inc. shall grant the Joint Venture an exclusive license to sell and market the Company’s extensive portfolio of patented, patent-pending and proprietary innovative electrochemical water treatment and green hydrogen and lithium recovery technologies.
A near-term priority will be to actualize CWTI’s vision of converting costly wastewater treatment facilities into profit centers. The ammonia in municipal and industrial waste waters will be converted into valuable environmentally responsible products such as high purity, fuel cell-grade green hydrogen gas, environmentally friendly nitrogen gas, and a valuable disinfectant (see Press Release, Sept 28, 2021). This should establish the utility of the AmmEL-H2 green hydrogen technology in generating local/regional energy storage centers/hubs − vital components in the future electrical grid.
At the “We Don't Have Time's COP27 Climate Hub” held in Egypt, in November, 2022, the AmmEL-H2 Green Hydrogen technology was introduced to the global environmentally-focused community. The phrase “Green HY-way” was coined to describe our approach for linking the reduction of nitrogen pollution from wastewater treatment in population clusters along major transport routes, to the production of green energy. A network of strategically placed, somewhat limitless valuable waste water resources, would ensure that hydrogen is produced where it is needed and consequently replace the current model of geographically centralized and expensive, conventional large electrolyser hubs. Conventional hydrogen production facilities characteristically require a reliable source of expensive high purity fresh water and are expected to generate high greenhouse gas emissions related to the trucking of hydrogen long distances to service national and global demands. A copy of the presentation can be found at: https://www.youtube.com/watch?v=Q2hekwBVohc and on our Company website (www.currentwatertechnologies.com).
About Separtis Technologies Global Pte Ltdand Subsidiary Separtis (Separtis)
Separtis Technologies Global Pte Ltd is a Singapore registered technology platform that is focused on waste management and utilization. Its subsidiary, Separtis, is an innovative, Australian technology company operating in the waste management, remediation & recycling sector. Separtis is involved in the development and implementation of technology that solves perplexing global environmental problems. From innovative, mobile wastewater treatment systems, to new plastic recycling processes, to destruction of microplastics in the ocean, to smart recovery of metals from e-waste and mine tailings, Separtis is focused on using advanced engineering solutions to improve our planet.
About Current Water Technologies Inc.
Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the production of Green Hydrogen and to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, oil and gas, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated operates as a division of the Company and continues 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.
