RAKR completes financial restructuring and will meet the requirements to up-list to OTCQB®.
Peterborough, CA, April 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR) (“Company” or “RAKR”) announced today that the Company’s audited financial statements for 2019 and 2020 have been posted to OTC Markets Group Inc. (“OTC”) in compliance with regulatory requirements to up-list to the OTCQB®. 2018 and 2019 audited financials will be available on rainmakerww.com.
RAKR has been strategically restructuring since late 2020 to up-list to the OTCQB®. The Company has been rejuvenating its balance sheet, expanding corporate finance options and exploring a wider spectrum of clean water solutions.
Over the past several weeks, RAKR has eliminated significant debts and contingent liabilities from its balance sheet, most recently the transferring of 5.5 million USD in debt and liabilities from RAKR to its Dutch Shareholders through an Equity Exchange Agreement (“Agreement”). Dutch Shareholders have taken an increased equity position in Rainmaker Holland B.V. (“RHBV”). The original Dutch Shareholders retain a 16.9% stake in RAKR while RAKR retains a 12% ownership and one of two seats on RHBV’s supervisory board, thereby ensuring a mutual incentive to create shareholder value.
Prior to the Agreement, RAKR removed approximately $775,000 in outstanding promissory notes, loans and debt that was owed to past and present executives, including RAKR CEO and Executive Chairman Michael O’Connor. Outstanding loans were converted to restricted shares of Rainmaker at USD 0.09.
“The RAKR team has worked hard to prepare our financials to support an SEC filing,” said Mr. O’Connor. “Up-listing to the OTCQB® will provide greater access to capital which will ultimately position us to deliver sustainable clean water solutions to more people worldwide.”
In parallel with financial restructuring, RAKR has been expanding its Water-as-a-Service (WaaS) offering by sourcing new and innovative water solutions that will provide safe water to a wider range of applications. With global populations increasing while fresh water further depletes, RAKR strongly believes that providing customers with a greater selection of water solutions will result in bringing more WaaS contracts to fruition.
“Governments, geographic locations and climatic conditions often impede regions from gaining access to clean water,” said Mr. O’Connor, “and RAKR adopting more water solutions will empower us to choose one that best suits our customers’ needs.”
To strengthen the Company’s effort to list on the OTCQB®, RAKR is also in the process of recruiting two qualified independent directors who can add expertise in corporate growth and the water sector.
In cooperation with RAKR’s legal counsel, the Company will be submitting the required filings with the SEC to become SEC reporting and up-list to the OTCQB®. At the same time, RAKR will continue to reconstitute a five-member board with at least two independent directors according to OTCQB® listing requirements. Once RAKR reports Q1 results, it expects to conclude this process within 60-90 days.
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in affordable water solutions through a Water-as-a-Service business model. RAKR is headquartered in Peterborough, Canada. RHBV will be headquartered in Rotterdam, Netherlands. The Company provides economical drinking water at scale wherever it’s needed. Rainmaker was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For latest product information and FAQ’s please visit www.rainmakerww.com.
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’s 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
Rainmaker Worldwide Inc.
Michael O’Connor
Executive Chairman and Chief Executive Officer
info@rainmakerww.com