VANCOUVER, British Columbia, May 9, 2006 (PRIMEZONE) -- Wataire Industries Inc. (Pink Sheets:WTAF), a company focused on technology-based water generation products worldwide, announced today that it has beneficially completed negotiations to license the company's Worldwide marketing and distribution rights for its Atmospheric Water Generator technology to Global Wataire Inc. (OTCBB:GWTE).
Under the terms of the licensing agreement Wataire Industries will be issued Preferred D Stock of Global Wataire Inc. Wataire will dividend the preferred stock to its shareholders of record as of June 30, 2005 on a one to one basis. This transaction will enable Wataire to focus on new product development and manufacturing and benefit its shareholders of record.
Phil Fraser, President of Wataire Industries stated, "We are convinced that our license agreement with Global Wataire Inc. will result in a focused approach to gain access to the World market. We compete with competitor companies, who have demonstrated in their own limited way that the AWG technology is successful in this application and that it has clearly the potential to help solve the world's drinking water crisis. However, the proving of technology does not predetermine success; rather, it stems from an entrepreneurial spirit and a leader being able to not only create a vision, but also to put the plan and team together to make the dream become a reality. We believe we are the technology leader and Global brings the entrepreneurial spirit."
About Wataire
Wataire was formed by a team of veteran executives with extensive experience in developing and bringing innovative products to market. The team is comprised of leaders and advisors who have extensive backgrounds in business administration, project management, manufacturing, international distribution, sales, and marketing. Wataire is committed to providing an array of innovative solutions that will help prevent fresh water shortages.
P.R. Fraser President Wataire Industries Inc. E-mail: info@wataireindustries.com Website: www.wataireindustries.com
The Wataire Industries Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2286
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 tine to time in the Company's periodic reports filed with the Securities and Exchange commission.