PETERBOROUGH, Ontario, Jan. 22, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc., Ontario, (“RWI”) a subsidiary of Rainmaker Worldwide Inc., Nevada (“Rainmaker” or “RAKR”) and Miranda Water Treatment Systems (“Miranda”) have finalized the transfer of Miranda shares and Michael Skinner, managing partner of Viva Industries Inc., has assumed the role of Chairman and CEO of Miranda. The acquisition was executed by Rainmaker Worldwide Inc., Ontario. This subsidiary is jointly owned by RAKR and its investment and operational partner Viva Industries (“Viva”).
“This acquisition will lead to the full horizontal integration of resources and allow Miranda with RAKR to better serve global water and wastewater treatment needs” stated Bulent Hatay, Founder of Miranda. “Currently, Miranda has installations in more than 40 countries. RAKR will enable the expansion of this reach with its global scope and broaden the portfolio of water treatment products. The addition of a strong and strategic financial partner further fortifies the capability to expand our global commercial footprint.”
RAKR built a financial consortium to execute the purchase of Miranda shares which will result in a material enhancement to Rainmaker’s financial performance. The individual operating entities will operate synergistically through a period of rapid expansion and transition. The management of RAKR believes this will enable RAKR to increase revenue and achieve positive EBITDA through RAKR driving sales particularly in the Americas.
Chairman and CEO of Rainmaker, Michael O’Connor, said, “We believe that the range of products available through Miranda and its technological partners complements its existing portfolio of products. Rainmaker has existing sales channels in areas where Miranda has yet to develop and vice versa to build both businesses simultaneously. We believe the focused and dedicated sales effort over the last six months should yield operating results in the near-term and we look forward to communicating positive updates at the appropriate time. To this end, we have recently shipped the system for the first joint project in Turks and Caicos. This project is expected to lead to much more business in the Island resort community. At the same time, we are working vigorously to build joint business in Canada, United States, Mexico, Central and South America.”
In addition to the completion the of Miranda merger on January 16, 2024, RAKR completed a management debt restructuring agreement. This restructuring will reduce the current RAKR debt by $326,833 and will allow for it to be converted to restricted common stock of RAKR. Michael O’Connor says, “This restructuring of management debt further emphasizes the commitment and dedication of the management team to see the continued growth of Rainmaker to its full potential.” Additional payables of management debt, totaling $640,000, has been negotiated into long-term notes to relieve the short-term cash demands on RAKR.
Over the next 180 days as Miranda and RAKR’s channel partners and existing sales channels are cross trained on the now combined products, Rainmaker is very optimistic that the synergies will have a direct impact on top line revenue as well as operational efficiencies.
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in affordable water solutions. RAKR is headquartered in Peterborough, Canada. The Company provides economical drinking water at scale wherever it is needed. RWI, is a subsidiary of RAKR focusing on the deployment of water solutions in the Americas and globally. It is jointly owned by RAKR and Viva Industries Inc. RAKR was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For the latest product information and FAQs, please visit www.rainmakerww.com.
About Miranda Water Treatment Systems
Miranda Environmental Water Services is an internationally recognized leader in biological water & wastewater treatment and water reuse systems. Miranda is headquartered in Ankara, Turkey. The Company’s wastewater treatment systems are sold and supported by a global network of distributors, dealers, and installers. For the latest product information and FAQs, please visit https://mirandawater.com.
About Viva Industries Inc.
Viva Industries Inc. is an investment firm specializing in acquiring, developing, and commercializing water and eco-friendly technologies. The company takes a comprehensive approach, seamlessly integrating strategic investments, research and development, solution commercialization, and business channel development. Viva Industries is committed to driving sustainable change and growth in the water sector, fulfilling a vital global need. For more information, please visit www.vivaindustries.ca
Forward-looking Statements
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of Rainmaker’s business, potential distribution partnerships and/or clients, and related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time to time. Rainmaker undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of, new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Investor Contact
Michael O’Connor
Rainmaker Worldwide Inc.
info@rainmakerww.com
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