CHATSWORTH, CA, July 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Cavitation Technologies, Inc. (CVAT and/or “the Company”). (OTCQB: CVAT) (BERLIN: WTC) announced that the Company has completed a financing of $1,500,000 through the sale of approximately 23 million units. Each unit consists of 1 common share of stock and 1 stock purchase warrant exercisable at $.09 per share for a 5-year term. The pricing of the unit represents an approximate 10% premium to the prior 10-day average market close price at the time of the completion of the offering. The units were sold primarily to a group of existing shareholders of the Company.
The Company’s heavily patented technology is being used in collaboration with processes developed by its Joint Venture partner, which is an established and innovative provider of water resources to the Permian Basin oil and gas industry. The joint venture called Enviro Watertek LLC (“Enviro Watertek”) includes high throughput, portable and chemical free closed loop systems that treat produced water and allow for its recycling back into the fracking of additional wells. The process provides oil and gas producers a low cost, more environmentally friendly approach to addressing brackish produced water, while at the same time reducing the industry’s reliance on scarce freshwater resources.
Neil Voloshin, CFO/COO, commented, “This offering will allow our Company to provide funding to the Joint Venture to both accelerate the commercialization, as well as increase Cavitation’s pro-rata participation in that commercialization. In conjunction with rising oil prices, drilling activity in the Permian Basin is picking up, which we believe will provide considerable opportunity for Enviro Watertek’s innovative systems, and in turn Cavitation’s bottom line.” Mr. Voloshin also noted, “We would like to thank our investors for their confidence in these emerging initiatives, and their corresponding investment in Cavitation Technologies, Inc. While we have avoided the dilution of equity financings over the past seven years or so, we believe this opportunity merits the use of our currency to help bring it to fruition.”
About Cavitation Technologies, Inc.
Founded in 2007, the company designs and manufactures innovative flow-through devices and systems, as well as develops processing technologies for use in edible oil refining, renewable fuel production, water treatment, and alcoholic beverage enhancement. The company's patented Nano Reactor® systems and various technologies have over 40 patents issued and filed both domestically and abroad.
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About Enviro Watertek, LLC
Enviro Watertek LLC is a Jal, New Mexico based water company committed to environmentally clean water remediation. Water management has always been a vital step in the development and production of oil/gas resources. Clean water’s importance has increased dramatically with emergence of wide-scale development of shale resources for oil and gas production.
Fracking requires large volumes of water as an input into the well (volumes vary, but typical jobs are often in the 750,000-1.2 Million Barrels range). For more information about the company’s business and technology please visit:
https://www.envirowatertek.com/
Forward-Looking Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions such as, “In conjunction with rising oil prices, drilling activity in the Permian Basin is picking up, which we believe will provide considerable opportunity for Enviro Watertek’s innovative systems, and in turn Cavitation’s bottom line”. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors including, among others, the state of the economy, the competitive environment and our ability to perform as anticipated and other factors described in our most recent Form 10-K and our other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. In light of these risks and uncertainties, there can be no assurances that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Cavitation Technologies, Inc.
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