Current Water Technologies Inc. Enters New Market - Signs Memorandum of Understanding With Leading Consortium of Aquaculture Companies
September 21 2021 - 7:00AM
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
Memorandum of Understanding (MOU) with a consortium of aquaculture
companies collectively operating under the newly incorporated
Canadian company, Ship Nature’s Way Inc. (SNW). A Definitive
Collaboration Agreement with Ship Nature’s Way will be signed
within the next 60 days.
The global aquaculture market was valued at
approximately USD230 billion in 2020, and the market is projected
to grow to approximately USD340 billion in 2027, based on a
predicted compound annual growth rate (CAGR) of 5.8%.
A major shareholder in SNW is Ocean Perfect BV
(www.oceanperfect.com) which is a logistics company that owns and
operates patented containerized solutions to provide transport and
temporary storage of live seafood. GIS Gas Infusion Systems Inc.
(www.gasinfusionsystems.com), a New Brunswick registered company,
is another shareholder in SNW. SNW develops and deploys patented
solutions for total gas management in fresh and salt water. CWTI
has been engaged to develop and manufacture a novel complementary
ammonia treatment system for the transport and temporary storage of
live seafood.
Following the successful beta testing of the
CWTI ammonia treatment system, CWTI shall grant SNW a global
perpetual license to be described under commercial arrangements and
subject to mutually agreed sales milestones defined in the
definitive agreement. SNW will incorporate the CWTI solution into
their gas management system and provide this for the containerized
Ocean Perfect BV live haul transport fleet.
Dr. Gene Shelp, Current Water’s CEO, said, “CWTI
is very excited to work closely with SNW, which is dedicated to the
development and implementation of a cost effective, humane, live
haul transport and storage system for managing temperature,
respiratory gases and waste products, such as ammonia, at maximum
stocking densities, without negatively impacting meat quality,
shrinkage, and animal welfare.
Aquaculture represents a substantial market
opportunity for CWTI’s innovative water treatment solutions. CWTI
expects future sales of its ammonia treatment systems to expand
into commercial sectors related to seawater and freshwater
husbandry, including the management of marine zoos/parks that
exhibit and rescue/rehabilitate sea animals.”
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:
Investor RelationsAndreas Curkovic, Proconsul
Capital: 416-577-9927
Dr. Gene S. Shelp, Ph.D., P.Geo.President and
CEO
Tel: (519) 836-6155Fax: (519) 836-5683E-mail:
gshelp@currentwatertechnologies.comWeb 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.
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