Dr. Gene Shelp reports
CWTI'S PUMPTRONICS DIVISION -- EQUIPMENT SALES OF $517,001
Pumptronics Inc., Current Water Technologies Inc.'s 100-per-cent-owned subsidiary, generated equipment sales totalling $517,001 during first quarter/second quarter 2020.
Private Placement -- closed May 15, 2020
In connection with the Private Placement which closed on May 15, 2020, the Company paid finder's fees consisting of cash payments equal to 6% of the aggregate proceeds and 6% of granted warrants, at a price of $0.05 exercisable for a period of 5 years from the date of close, from subscriptions arranged by the Finders for an aggregate total of $10,800 cash and 540,000 share purchase warrants.
2020 is a time of unique challenges globally. Ontario remains a hot spot for COVID -19 with the government recommending protective measures for businesses and the general public. In order to address the potential risks to staff, CWTI suspended operations during April - May, 2020. The Company reopened in late May and remains vigilant in protecting our staff by adopting strict distancing rules and good hygiene practices.
Mr. Peter Kennedy, who joined the Board of Directors of CWTI in September 2018, has tendered his resignation. We thank Mr. Kennedy for his contribution during his tenure.
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, a division of CWTI, is an integrated pump station manufacturer that specializes in custom design and automation.
We seek Safe Harbor.
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