Fort Worth, TX, Sept. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Water Now, Inc.(“Water Now” or the “Company”) (OTC QB: WTNW) has entered into an agreement to install and operate two (2) HydraSpin Mobile HS5500 units in the Permian Basin, a significant oil and gas producing area located in West Texas. The Company’s customer (the “Customer”) is an independent oil and gas producer with substantial production activities in the region.
The Company expects to generate gross revenues of approximately $4 million during the two-year term of the contract from its portion of the sale of oil reclaimed by the two units. Monthly revenue from the sale of oil is expected to begin in October. The HydraSpin Mobile HS5500 Unit allows for the separation of residual oil from water contained in the disposal sites so as to minimize environmental contamination from the contaminants contained in oil. HydraSpin units have demonstrated the ability to remove 100% of 10-micron oil droplets, while obtaining better quality discharged water.
David King, Chief Executive Officer of Water Now, stated, “I’m pleased with the continued expansion of our HydraSpin business, which has allowed us to build a sizable operational track record in a relatively short period of time. The Customer recently completed testing after installation and found that the units operated flawlessly. We expect seven (7) additional HydraSpin units to be delivered to the Port of Houston from African Horizon Technologies (PTY) of South Africa in November, with installations for other customers occurring throughout the remainder of the year.”
About Water Now, Inc.
Water Now has developed a water purification technology that cost-effectively produces portable water from fresh or saltwater sources. Additionally, our flameless heating process distills water without the need for filters, membranes, or chemicals, eliminating maintenance costs as well as downtime caused by clogged membranes and filters.
Our mission is to create solutions that make clean, affordable water available anywhere on the planet and to help end the spread of disease through contaminated water sources. We believe that the humanitarian, environmental and commercial applications of our technologies are significant, and we are excited to deliver solutions that we believe will help reduce water security issues on a global scale.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements Water Now, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Water Now, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the Water Now's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. Water Now, Inc. assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Contact:
Water Now, Inc.
David King
817-900-9184
dking@waternowinc.com
Porter, LeVay & Rose
Michael Porter
212-564-4700
mike@plrinvest.com