OriginClear Merges Its Water On Demand and Progressive Water Treatment Subsidiaries
Consolidation intended to reinforce the value in potential merger transaction
CLEARWATER, Fla., September 26, 2023--(BUSINESS WIRE)--OriginClear Inc. (OTC Other: OCLN), the Clean Water Innovation Hub™, announces that it recently merged its subsidiaries, Water On Demand™ Inc. (WODI) and Progressive Water Treatment Inc. (PWT). The consolidation, which was approved by WODI shareholders, is intended to create better enterprise value for a potential merger opportunity with Fortune Rise Acquisition Corporation (NASDAQ: FRLA), as OCLN announced in January: https://www.originclear.com/company-news/originclears-water-on-demand-subsidiary-signs-letter-of-intent-to-merge-with-fortune-rise-acquisition-corporation.
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OriginClear Inc. the Clean Water Innovation Hub™, announces that it recently merged its subsidiaries, Water On Demand™ Inc. (WODI) and Progressive Water Treatment Inc. (PWT). The consolidation, which was approved by WODI shareholders, is intended to create better enterprise value for a potential merger opportunity with Fortune Rise Acquisition Corporation. (Graphic: OriginClear)
In April, OriginClear transferred its Modular Water Systems division to WODI. Including PWT, combined revenues for 2022 were $10,376,573, compared with $4,143,744 in 2021, a 250% increase, with a similar increase in gross profits.
"By consolidating our powerhouse Progressive Water Treatment division with Water On Demand and Modular Water, we believe we have created outstanding enterprise value," said Riggs Eckelberry, OriginClear CEO. "In addition, PWT has a 25-year operating history, which is invaluable in establishing credentials for this dynamic new venture."
Eckelberry continued, "We believe we have created the ideal intersection of a highly disruptive water-as-a-service business model in Water On Demand, with a scalable technology in Modular Water Systems, and now, in Progressive Water Treatment, a veteran engineering solutions company that routinely services some of America’s greatest businesses as they increasingly take responsibility for their own effluents."
"OriginClear has retained a commanding percentage of the new combined company," said Eckelberry. "Our longtime shareholders can confidently expect that the parent company will continue to benefit greatly from any positive outcomes of this new, consolidated company, which due to its senior operating history, will adopt the name of Progressive Water Treatment, Inc."
About Fortune Rise Acquisition Corporation (FRLA)
FRLA is a blank check company incorporated in February 2021 as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
FRLA is a "shell company" as defined under the Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. FRLA will not generate any operating revenues until after the completion of its initial business combination, at the earliest. To date, FRLA’s efforts have been limited to organizational activities and activities related to its initial public offering as well as the search for a prospective business combination target.
About OriginClear
Once a government monopoly, clean water is going private. Local industries and communities are now treating and recycling their own water, helping to reduce the burden on municipal systems and save on fast-rising water rates while also responding to the challenge of climate change. That’s good for business and good for sustainability, and now the innovative fintech, Water On Demand™, is fueling this movement. For the first time, Clean Water is becoming an investable asset, open to Main Street investors, with the potential for generational royalties. OriginClear® is the Clean Water Innovation Hub™ for both Water On Demand and Modular Water Systems™ – a leader in onsite, prefabricated systems made with sophisticated materials that can last decades. Get live weekly updates every Thursday by signing up at www.originclear.com/ceo.
For more information, visit the company’s website: https://www.originclear.com/
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No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Safe Harbor Statement
Matters discussed in this release contain forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," "plans" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein.
These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization, and if or when the Company will receive and/or fulfill its obligations under any purchaser orders. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason except as may be required under applicable law.
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Contacts
Media Contact
The Pontes Group
Lais Pontes Greene (954) 960-6083
lais@thepontesgroup.com
www.thepontesgroup.com
Investor Relations and Press Contact:
Devin Angus
Toll-free: 877-999-OOIL (6645) Ext. 3
International: +1-323-939-6645 Ext. 3
Fax: 323-315-2301
ir@OriginClear.com
www.OriginClear.com
