GUELPH, Ontario, Jan. 31, 2019 (GLOBE NEWSWIRE) — Current Water Technologies Inc. (TSXV:WATR) (“CWTI” or “the Company” or “the Corporation“), an emerging technology leader in the management of industrial and municipal wastewater and drinking water resources, is pleased to announce that it has received a $360,000 payment from Chemsbro Inc. (“Chemsbro”) of the Kingdom of Saudi Arabia (KSA). Chemsbro is CWTI’s official representative in the Middle East.
CWTI is working closely with Chemsbro to successfully launch its innovative Electro-Static Deionization (ESD) technology in the Kingdom of Saudi Arabia with the installation and commissioning of the ESD 900K unit at a site near Jeddah later this year.
Mr. Nizar Kammourie, Managing Director of Chemsbro, Business Development Director of Saudi Brothers Commercial Company (SBCC) and a board member of CWTI, commented that “SBCC is very excited about the ESD technology because of its ability to produce water of exceptional quality, which is suitable for boilers and cooling systems employed in the petro-chemical and energy sectors in the Middle East. SBCC has already pre-sold over 70% of the high quality water that will be produced by the ESD plant currently under construction. Based on the level of interest, additional near-term sales with major petro-chemical companies are expected following commissioning of the ESD 900K unit.”
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
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.