New company presentation envisions additional
resources in network management and manufacturing
OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation
Hub™, announces that following the recent transfer of its Modular
Water Systems division (MWS or Modular Water)
(www.modularwater.com) and the related assets to OriginClear’s
subsidiary, Water On Demand, Inc. (WOD or Water on Demand)
(www.waterondemand.net), WOD has issued an updated presentation for
the 3rd Quarter of 2023, including a roadmap for prospective
acquisitions.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230516005561/en/
“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 between 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.” (Graphic - Water On Demand Inc.)
The presentation is available by clicking this link on the Water
On Demand site: Water On Demand with Modular Water Systems
Q3-2023.
WOD cautions that while targets have been identified, the
acquisitions of such targets may not occur, or may occur with
different targets.
Accredited Investors interested in the Water On Demand
investment opportunity, which may include a share of net profits
from water services, can review the offering at
www.water.originclear.com/offer.
In April, Water On Demand announced that it purchased Modular
Water’s intellectual property and assets in exchange for 6 million
shares of Water On Demand common stock. The assets include an
assignment of 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,” said Riggs Eckelberry,
OriginClear CEO. “We anticipate this transaction will further
benefit OriginClear shareholders as Water On Demand executes on its
business plan.”
“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 between
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.”
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 are working together in good faith with their
respective advisors to agree on a structure for the business
combination 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 the 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230516005561/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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