GUELPH, Ontario, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation"), an emerging technology leader in the management of industrial and municipal wastewater and drinking water resources, announced today that the Company has executed a Memorandum of Understanding (MOU) with a consortium of aquaculture companies collectively operating under the newly incorporated Canadian company, Ship Nature’s Way Inc. (SNW). A Definitive Collaboration Agreement with Ship Nature’s Way will be signed within the next 60 days.
The global aquaculture market was valued at approximately USD230 billion in 2020, and the market is projected to grow to approximately USD340 billion in 2027, based on a predicted compound annual growth rate (CAGR) of 5.8%.
A major shareholder in SNW is Ocean Perfect BV (www.oceanperfect.com) which is a logistics company that owns and operates patented containerized solutions to provide transport and temporary storage of live seafood. GIS Gas Infusion Systems Inc. (www.gasinfusionsystems.com), a New Brunswick registered company, is another shareholder in SNW. SNW develops and deploys patented solutions for total gas management in fresh and salt water. CWTI has been engaged to develop and manufacture a novel complementary ammonia treatment system for the transport and temporary storage of live seafood.
Following the successful beta testing of the CWTI ammonia treatment system, CWTI shall grant SNW a global perpetual license to be described under commercial arrangements and subject to mutually agreed sales milestones defined in the definitive agreement. SNW will incorporate the CWTI solution into their gas management system and provide this for the containerized Ocean Perfect BV live haul transport fleet.
Dr. Gene Shelp, Current Water’s CEO, said, “CWTI is very excited to work closely with SNW, which is dedicated to the development and implementation of a cost effective, humane, live haul transport and storage system for managing temperature, respiratory gases and waste products, such as ammonia, at maximum stocking densities, without negatively impacting meat quality, shrinkage, and animal welfare.
Aquaculture represents a substantial market opportunity for CWTI’s innovative water treatment solutions. CWTI expects future sales of its ammonia treatment systems to expand into commercial sectors related to seawater and freshwater husbandry, including the management of marine zoos/parks that exhibit and rescue/rehabilitate sea animals.”
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Current Water Technologies Inc.
Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated operates as a division of the Company and continue to function as an integrated pump station manufacturer specializing in custom design and automation.
The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
Andreas Curkovic, Proconsul Capital: 416-577-9927
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: gshelp@currentwatertechnologies.com
Web Site: www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
