Synergy of technology and finance could
accelerate adoption of private water treatment by local
businesses
OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation
Hub™, announces that it recently merged its Modular Water Systems
division (MWS or Modular Water) (www.modularwater.com) with
OriginClear’s subsidiary, Water On Demand, Inc. (WOD)
(www.waterondemand.net).
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the full release here:
https://www.businesswire.com/news/home/20230418006211/en/
Water On Demand purchased Modular Water’s
assets in return for 6 million shares of Water On Demand common
stock. The assets include OriginClear’s existing global master
license to the five patents of inventor Daniel M. Early, P.E., who
heads Modular Water, and the right to file patents for all
additional inventions since 2018, when OriginClear created the
unit. (Graphic: OriginClear)
Water On Demand purchased Modular Water’s assets in return for 6
million shares of Water On Demand common stock. The assets include
OriginClear’s existing global master license to the five patents of
inventor Daniel M. Early, P.E., who heads Modular Water, and the
right to file patents for all additional inventions since 2018,
when OriginClear created the unit.
Recently, OriginClear commissioned a valuation of the five
existing Dan Early patents, which yielded a nominal value between
$26,637,185 and $53,224,807. According to the valuation, the
Projected Total Available Market in 2026 exceeds $8 Billion. (View
PDF).
“This is an example of OriginClear successfully incubating and
growing a healthy business over five years, and selling it for many
times its investment,” said Riggs Eckelberry, OriginClear CEO. “We
anticipate this transaction will further benefit OriginClear
shareholders as Water On Demand executes on its business plan.”
Water On Demand issued a new presentation describing the new
combined businesses and planning: (View HERE)
“As governments are tasked with improving water quality,
businesses are doing their part by treating and recycling their own
water right on the spot,” said Riggs Eckelberry, OriginClear CEO
and Chairman of Water On Demand. “This fast-growing trend requires
two things: scaled-down technology, and capital. By uniting Modular
Water with Water On Demand, we create the perfect synergy of the
two. Water On Demand is now well positioned to lead the new water
managed services segment; and the only company in that segment to
accept investments from everyday investors.”
Accredited Investors interested in the Water On Demand investing
opportunity, which offers a share of net profits from water
services, can review the offering at
www.water.originclear.com/offer.
On January 5, 2023, Water On Demand, Inc. executed a Letter of
Intent (“LOI”) with Fortune Rise Acquisition Corporation, a
Delaware special purpose acquisition corporation (NASDAQ: FRLA)
(“FRLA”) under which FRLA proposes to acquire all the outstanding
securities of Water on Demand, Inc. (“WODI”), based on certain
material financial and business terms and conditions being met. The
LOI is not binding on the parties and is intended solely to guide
good-faith negotiations toward definitive agreements.
The parties will work together in good faith with their
respective advisors to agree on a structure for the business
combination that is most expedient to the consummation of the
acquisition. Pursuant to the LOI, it is proposed that FRLA will
acquire 100% of the outstanding equity securities of WODI,
including all shares of common stock, preferred stock, outstanding
options and warrants. In return, WODI equity holders will receive
shares of common stock of FRLA and any outstanding options and
warrants will be assumed by FRLA in accordance with their
terms.
Subject to meeting NASDAQ quantitative and qualitative listing
requirements, upon the closing of the business combination, the
newly-combined entity will trade publicly on Nasdaq under a new
trading symbol.
The precise structure of the business combination, including the
proportion of stock and/or cash consideration paid to the WODI
equity holders, will be negotiated to meet the needs of all parties
including management of WODI and key equity holders.
Previously, Water On Demand announced that it closed the
acquisition of the equity interests of Fortune Rise Sponsor, LLC, a
Delaware limited liability company (the “Sponsor”), which is the
sponsor of FRLA.
FRLA is a blank check company incorporated in February 2021 as a
Delaware corporation formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses.
FRLA is a "shell company" as defined under the Exchange Act of
1934, as amended, because it has no operations and nominal assets
consisting almost entirely of cash. FRLA will not generate any
operating revenues until after the completion of its initial
business combination, at the earliest. To date, FRLA’s efforts have
been limited to organizational activities and activities related to
its initial public offering as well as the search for a prospective
business combination target.
About OriginClear
Once a government monopoly, clean water is going private. Local
industries and communities are now treating and recycling their own
water, helping to reduce the burden on municipal systems and save
on fast-rising water rates while also responding to the challenge
of climate change. That’s good for business and good for
sustainability, and now the innovative fintech, Water On Demand™,
is fueling this movement. For the first time, Clean Water is
becoming an investable asset, open to Main Street investors, with
the potential for generational royalties. OriginClear® is the Clean
Water Innovation Hub™ for both Water On Demand and Modular Water
Systems™ – a leader in onsite, prefabricated systems made with
sophisticated materials that can last decades. Get live weekly
updates every Thursday by signing up at
www.originclear.com/ceo.
For more information, visit the company’s website:
https://www.originclear.com/
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No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Safe Harbor Statement
Matters discussed in this release contain forward-looking
statements. When used in this release, the words "anticipate,"
"believe," "estimate," "may," "intend," "expect," “plans” 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, and if or when the Company
will receive and/or fulfill its obligations under any purchaser
orders. 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 except as may be required under
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230418006211/en/
Media Contact The Pontes Group Lais Pontes Greene (954)
960-6083 lais@thepontesgroup.com www.thepontesgroup.com Investor
Relations and Press Contact: Devin Angus 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
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