VANCOUVER, British Columbia, March 20, 2006 (PRIMEZONE) -- Wataire Industries Inc. ("Wataire" or the "Company") (Pink Sheets:WTAF) updates the current status of the license agreement with International Development Corp. (OTCBB:IDVL) to market and distribute the Company's atmospheric water generators in the United States.
The SEC approved International Development Corp.'s definitive form 14C on March 16, 2006.
In their filing, IDC outlined its go forward plan. IDC intends to sell its assets in its wholly owned subsidiary FreshWater Technologies Inc. and focus the Company's efforts exclusively on our atmospheric water generators.
IDC's management and Board of Directors will present its plan to launch our atmospheric water generators to their shareholders at its upcoming shareholders meeting in the next few weeks.
Phil Fraser, President of Wataire Industries, stated, "We are pleased that IDC is now in a position to move forward with our agreement and we believe that IDC will successfully establish its business model and contribute significantly to the ongoing success of Wataire."
For full details on International Development Corp. go to www.sec.gov and view its definitive form 14C filing.
The company's representatives attending the World Water Forum being held in Mexico City, Mexico have been overwhelmed with interest in our technology. Over 130 countries are in attendance at the forum, all of which have serious water issues. The company will inform the shareholders of events as they become available.
ABOUT WATAIRE
Wataire is an international company focused on developing and delivering technology-based water generation and purification products worldwide. The company provides innovative water supply solutions that are adaptable to almost every type of environmental conditions. The Company is dedicated to providing an array of revolutionary solutions to deliver a clean, unlimited supply of pure water for drinking, for lifesaving, and for irrigation.
For more information, please visit: www.wataireindustries.com.
Forward-Looking Statements in this release are made pursuant to the "Safe Harbour" 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.
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