GUELPH, Ontario, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation"), Pumptronics division receives new sales totalling $400,000 in September/October.
Notably, the Company’s recent sales include sustained/multiple sales within the City of Toronto. Sales to large municipalities in Ontario is an emerging trend for the Pumptronics Division, which had historically served the golf industry and the small municipality market. In 2016, several Ontario cities, including Toronto and Mississauga, enacted legislation to charge property owners for the transport and treatment of stormwater (rainwater, surface runoff, and groundwater) discharged to municipal sewers. To reduce the annual charges, municipalities have encouraged new construction projects to add the infrastructure necessary to capture and reuse rainwater for green space irrigation and/or non-potable requirements. This important water management initiative contributes to the sustainability of urban communities as green terraces and roof top gardens become common place.
The City of Toronto is the first city in North America to mandate green roofs on all large buildings. The over 700 green roofs provide space for farming and recreation. Onsite stormwater management is an economical, sustainable and vital infrastructure to help in reducing the use of potable water for landscape irrigation, and the burden on municipal water supplies and wastewater systems.
Since late 2020, Pumptronics has dedicated resources to develop custom products and services for the commercial property stormwater management sector in Ontario. A total of 48 quotations has been issued for stormwater pumping systems in this emerging market, totalling approximately $1,600,000. In September/October alone, Pumptronics has received purchase orders for 5 Rainwater Harvesting Pumping Systems and expects to secure numerous additional sales before year-end.
Dr. Gene Shelp, Current Water’s CEO, said, “We are very pleased to see the continuing growth of our traditional pumping business in the national market and particularly into large municipalities. Pumptronics considers commercial property stormwater management an important niche market that has the potential to grow significantly as the Company expands its marketing efforts within and outside Ontario. Our pumping business has become an invaluable addition to the Company, complementing new major opportunities with our global AMMEL and ESD business lines. Current Water has never been better positioned for significant growth.”
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:
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.
