“Software as a Service” Developer To Help Build
Water Services Network
OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation
Hub™, announces that its subsidiary Water On Demand™ (WODI)
recently entered into a Memorandum of Understanding (MOU) to
acquire an established international SaaS (Software as a Service)
Developer (Developer), founded nearly twenty years ago, which
operates with a stable customer base of technology companies. The
acquisition is anticipated to be accretive.
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Figure 1: The main steps of the Water On
Demand Process, with potential acquisitions. “Our plan is to
acquire and maintain the Developer’s stable SaaS business, while
also leveraging its expertise to help build our end-to-end water
service network,” said Riggs Eckelberry, OriginClear and Water On
Demand CEO. “With this network up and running, any business could
fully outsource its wastewater treatment and water transportation
needs to Water On Demand without requiring upfront capital.”
(Graphic: OriginClear)
The MOU provides a framework for negotiating a definitive
agreement for the acquisition of the Developer. The Parties caution
that talks are in an early stage and may not succeed.
“Our plan is to acquire and maintain the Developer’s stable SaaS
business, while also leveraging its expertise to help build our
end-to-end water service network,” said Riggs Eckelberry,
OriginClear and Water On Demand CEO. “With this network up and
running, any business could fully outsource its wastewater
treatment and water transportation needs to Water On Demand without
requiring upfront capital.”
On 16 May, WODI released an updated presentation with a network
schematic (see Figure 1) that identified the need for a network
management acquisition, among others.
OCLN recently announced that it had transferred its Modular
Water Systems division (MWS or Modular Water)
(www.modularwater.com) and the related assets to WODI. The
acquisition of Developer and its intellectual property as
contemplated by the MOU is intended to complement the MWS asset
transfer.
“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. “With its license to unique
modular treatment technology and the managed network we plan to
build with the help of the Developer acquisition, we believe Water
On Demand will be 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 WODI and the investment
opportunity, which allows investors to receive a share of net
profits from its 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 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/20230522005695/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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