PETERBOROUGH, Ontario & ANKARA, Turkey, March 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR) (the "Company" or "Rainmaker" or "RAKR") and Miranda Water Treatment Systems ("MWTS") have expanded the previously signed Memorandum of Understanding (MOU October 5, 2022) to include a financing partner to formalize the integration of the three parties at both the strategic and operating levels.
“This step allows for the parties to commit to a transaction that will coordinate resources, and that will align MWTS with RAKR to better serve global water and wastewater treatment needs,” stated Bulent Hatay, CEO of MWTS. “Miranda has installations in more than 35 countries and growing. RAKR will use its global scope and synergy and its portfolio of water products to expand the collective market of the companies. We look forward to our continuing collaboration with RAKR to get our technology in the hands of people who truly benefit from it. With the addition of a strong and strategic financial partner this reach will be extended even further.”
RAKR has now built a financial consortium to affect the purchase of reciprocal stakes between the companies which RAKR believes could result in a material enhancement to Rainmaker’s financial performance. The individual operating entities will continue business as usual and should be in a period of rapid expansion. The management of RAKR continues to believe that this could lead to RAKR becoming revenue and EBITDA positive.
Chairman and CEO of Rainmaker, Michael O'Connor, said, “We believe that the technological, operating, marketing and sales expertise of MWTS will be invaluable to the future success of RAKR. Since the original signing of the MOU we have been working hard, hand in hand, to develop projects in areas where Miranda has yet to develop. We look forward to announcing these projects in the near future where both of our technologies are used in tandem.”
Following a site visit to Miranda’s newly commissioned installation in Sturgis, South Dakota, the parties will decide on next steps if they unanimously agree to proceed. There can be no assurance that the parties will reach a definitive agreement.
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. The Company provides economical drinking water at scale wherever it is needed. Rainmaker was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For the latest product information and FAQs, please visit www.rainmakerww.com.
About Miranda Water Treatment Systems
Miranda Environmental Water Services is an internationally recognized leader in biological water & wastewater treatment and water reuse systems. Miranda is headquartered in Ankara, Turkey. The Company's wastewater treatment systems are sold and supported by a global network of distributors, dealers and installers. For the latest product information and FAQs, please visit https://mirandawater.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 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
