SANTA BARBARA, CA--(Marketwired - May 6, 2013) - STWA, Inc. (
According to published documents describing NASDAQ's listing guidelines, STWA meets various criteria including: Market Value of Publicly Held Shares; Market Value of Listed Securities; Operating History; Publicly Held Shares; Market Makers; and Shareholders, and is actively making progress towards meeting Corporate Governance, Board Development, Stockholders Equity and Net Tangible Assets criteria. Meeting these criteria is critical to STWA's pursuit of its desire to move to a larger trading platform.
As an additional move towards a trading platform change, STWA has increased its number to two independent directors, in anticipation of meeting National Exchanges' requirements for an independent director majority. STWA has also retained Sichenzia Ross Friedman Ference LLP to manage the legal aspects of the pending trading exchange uplist.
In its recently filed Form 10-Q for the period ended March 31, 2013, with the Securities and Exchange Commission, STWA reported a $6.2 million improvement in its shareholders' equity which increased to a stockholders' equity of $3.3 million in the quarter ended March 31, 2013, from a stockholders' deficiency of $(2.9) million on December 31, 2012. The Company's cash position also increased by $2.9 million to $4.5 million in quarter ended March 31, 2013, from $1.6 million on December 31, 2012. The increase in these assets represents a material advancement towards meeting listing requirements for national exchanges.
In the past year the Company has raised roughly $8 million through warrant exercises from existing investors. The exercise and expiration of warrants has increased the cash position as well as shareholders equity position of the Company and reduced its derivative liabilities. As of the end of the first quarter, the Company has warrants vested and exercisable that would result in roughly an additional $8 million in funding upon exercise.
Advancement Towards Commercial Implementation of AOT™
During the quarter ended March 31, 2013, STWA increased the number of major multi-national companies with which is it under non-disclosure agreements for implementation of AOT™ Midstream, from five to seven. The Company has seen progress in formal negotiations with these entities towards implementation of the AOT™ technology to operations both domestic and abroad. The recent completion of ASME certification for STWA's AOT™ Midstream was an important milestone in meeting installation requirements from both the companies interested in the new product and their governmental regulatory body counterparts.
"STWA has never been on stronger footing," stated STWA CEO Cecil Bond Kyte. "Not only have we created a new and novel cutting-edge product that the industry needs and wants, but we have succeeded in building a strong corporate foundation at the same time. Both of these efforts have yielded a company poised for explosive success. We look forward to 2013 being a monumental year."
About AOT™ Technology
AOT™ Viscosity Reduction Systems are a suite of commercial crude oil pipeline flow assurance products designed to be installed at pipeline pump stations in the upstream, gathering and midstream sectors.
AOT™ technology reduces the viscosity of crude oil without the need for heat, chemical or polymer additives. The reduction of viscosity holds key benefits to the energy production and transportation industry. The product holds advantages over currently adopted flow assurance technologies in use around the world today.
AOT™ has been independently verified and tested by numerous third party entities such as the United States Department of Energy mentioned above, for the efficacy of AOT™ for the reduction of crude oil viscosity. Test reports and related links are available on the Company's website.
"Applied Oil Technology™," "AOT™ Midstream," and "AOT™" are copyrights and registered trademarks of STWA, Inc.
About STWA, Inc.
STWA, Inc. develops and commercializes energy efficiency technologies that assist in meeting increasing global energy demands, improving the economics of oil extraction and transport, and reducing greenhouse gas emissions. The Company's intellectual property portfolio includes 41 domestic and international patents and patents pending, which have been developed in conjunction with and exclusively licensed from Temple University. More information including a company Fact Sheet, logos and media articles are available at: www.stwa.com.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.