OriginClear signs definitive purchase agreement to acquire 100
percent of profitable Texas-based builder and service provider of water
treatment solutions
Company Website:
http://www.originclear.com
LOS ANGELES & DALLAS -- (Business Wire)
OriginClear
Inc. (OTC/QB: OOIL),
a leading provider of water treatment solutions, today announced that it
has entered into a definitive agreement to acquire 100 percent of
Dallas-based Progressive
Water Treatment Inc., (PWT) for preferred stock that may be
converted to common stock in three annual increments beginning 12 months
from closing.
Under the agreement, PWT will become a wholly owned subsidiary of
OriginClear. PWT is a profitable and fast-growing designer, builder and
service provider for a wide range of industrial water treatment
applications. PWT has forecast that its revenues will exceed $6 million
in 2015.
This marks the first transaction in OriginClear’s corporate strategy to
rapidly acquire leading U.S. water treatment companies primarily focused
on high-margin services. Management believes this will help OriginClear
strengthen its market footprint in the high-growth water treatment
industry.
“We are thrilled to join the OriginClear team. We believe OriginClear’s
vision to build an extensive network of solution providers is going to
help us grow dramatically,” said Marc Stevens, PWT’s President.
“Together we can better reach growing market demand for exceptional
water treatment solutions and services.”
With this transaction underway, OriginClear intends to continue to
selectively seek out other companies that focus on customer solutions,
not just the sale of their proprietary products. OriginClear is
targeting companies with strong management teams and profitable
operations to build a national network of water treatment solution
providers within a “Family of OriginClear Companies.”
Acquired companies are expected to complement each other’s market
strategies with unique regional and technical concentrations.
OriginClear has developed a database of nearly 100 U.S. companies that
fit the desired high-margin, high growth profile.
“PWT’s founder, Marc Stevens, has built a strong company with impressive
sales growth and a dedicated team of engineers and technicians. They
have a strong customer base with many repeat clients relying on them for
on-going support,” said Riggs
Eckelberry, OriginClear’s Chief Executive Officer. “We believe
acquiring PWT will be a huge win for OriginClear and a key part of our
strategy to build a network of water treatment companies in the U.S. We
expect that our Family of OriginClear Companies will not only generate
top line and bottom line growth for our investors, but will help
accelerate the organic growth of our Electro Water Separation technology
into new markets.”
Progressive Water Inc. designs and manufactures a complete line of water
treatment systems for municipal, industrial and pure water applications.
The company utilizes a wide range of technologies, including chemical
injection, media filters, membrane, ion exchange and SCADA technology,
in turnkey systems. The company also offers a broad range of services
including maintenance contracts, retrofits and replacement assistance.
In addition, PWT rents equipment in contracts of varying duration.
Customers are primarily served in the United States and Canada, with the
company’s reach extending worldwide from Japan to Argentina to the
Middle East.
The closing of the acquisition, as described in the definitive
agreement, is subject to certain closing conditions including
OriginClear’s satisfactory review of the operations and audit of
financial and corporate records of PWT. The transaction is expected to
close by October 2015.
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About OriginClear, Inc.
OriginClear is a leading provider of water treatment solutions and the
developer of a breakthrough water cleanup technology serving the rapidly
growing $500 billion world market. Through its wholly owned
subsidiaries, OriginClear provides systems and services to treat water
in a wide range of industries, such as municipal, pharmaceutical,
semiconductors, industrial, and oil & gas. To rapidly grow this segment
of the business, we strategically acquire profitable and well-managed
water treatment companies, which allow us to expand our global market
presence and technical expertise. To enable a new era of clean and
socially responsible water treatment solutions, we invented Electro
Water Separation™, a breakthrough high-speed water cleanup technology
using multi-stage electrolysis, that we license worldwide to water
treatment equipment manufacturers. Water is our most valuable resource,
and the mission of the “Family of OriginClear Companies” is to improve
the quality of water and help return it to its original and clear
condition. To learn more about OriginClear®, please visit our website at www.originclear.com.
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. When used in this update, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions identify
such forward-looking statements. Actual results, performance or
achievements could differ materially from those contemplated, expressed
or implied by the forward-looking statements contained herein. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated with
our history of losses and our need to raise additional financing, the
acceptance of our products and technology in the marketplace, our
ability to demonstrate the commercial viability of our products and
technology and our need to increase the size of our organization.
Further information on the Company's risk factors is contained in the
Company's quarterly and annual reports as filed with the Securities and
Exchange Commission. The Company undertakes no obligation to revise or
update publicly any forward-looking statements for any reason.
Abstract:
OriginClear to acquire Progressive Water Treatment;OriginClear
signs definitive purchase agreement to acquire 100 percent of profitable
Texas-based builder and service provider of water treatment solutions
Key Words:
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View source version on businesswire.com: http://www.businesswire.com/news/home/20150804005694/en/
Contacts:
Press Contact:
Antenna Group
Sarah Mier, 415-977-1947
OriginClear@antennagroup.com
or
Investor
Relations:
OriginClear
Tom Becker
Toll-free: 877-999-OOIL
(6645) Ext. 3
International: +1-323-939-6645 Ext. 3
Fax:
323-315-2301
ir@OriginClear.com
www.OriginClear.com
Source: OriginClear Inc.
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