VANCOUVER, British Columbia, Feb. 1, 2006 (PRIMEZONE) -- Wataire Industries Inc. (Pink Sheets:WTAF), an international company focusing on developing and delivering technology-based water generation systems, is pleased to announce it has entered into an acquisition agreement for a second manufacturing facility with Sydney Steel Corporation ( Sysco), Cape Breton, Nova Scotia.
The building is 13,000 square feet situated on 4.5 acres of commercial property, located in Sydney, Nova Scotia. Wataire Industries has taken possession and is currently upgrading the new plant. The building is already equipped with an overhead crane as well as dock level loading areas. The size and location of the facility will enable Wataire ample space for future expansion. The facility will be used specifically for the assembly and shipment of Wataire's Commercial/Industrial generators. Under the terms of the agreement all payments made to Sysco will be deducted from the established purchase price. The agreement is for a three year term with a seven year renewal term with no increase.
Wataire Industries will be the first company to occupy the Industrial park being developed by Sysco through the government of Canada.
The acquisition of the new plant and the equipment will enable Wataire's employees to handle the large generators with ease, making the assembly faster and safer. Since receiving the field tests for the CI2500 generators in Belize City, Belize, the company has been inundated with interest for the commercial generators. The new facility will enable Wataire to be far more cost effective in producing these units.
For more information on Sysco and development plans for the industrial park visit their website at www.sysco.ns.ca
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
The Wataire Industries Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2286