Audit of First OriginClear Acquisition Confirms Profitable Subsidiary With $6 Million Revenue
OriginClear
Inc. (OTC/QB: OOIL),
a leading provider of water treatment solutions, today announced the
completion of an independent audit of its subsidiary, Progressive Water
Treatment, Inc. (PWT). The independent audit was disclosed in a Form 8-K
filed with the SEC and reported that PWT’s 2014 sales were $6,075,108,
with net income of $813,747, or a 13.4 percent net profit margin.
“The independent audit showed, as expected, that PWT is a solvent and
profitable water treatment company, with annual revenues of about six
million dollars, which it expects to repeat this year,” said Bill
Charneski, President of the OriginClear Group™. “We look forward to
PWT making a significant contribution to OriginClear’s revenue and
profits, beginning with the fourth Quarter of 2015.”
OriginClear closed the acquisition of PWT on
October 1, 2015 and was required to complete the independent audit
before mid-December. It was the first transaction in OriginClear’s
corporate strategy to rapidly acquire leading U.S. water service
companies focused on specialized water treatment.
“The Board is very satisfied with the speed of the acquisition and the
quality of the work,” said Riggs
Eckelberry, CEO and Chairman of the Board of OriginClear. “Bill
Charneski identified PWT in April, and we announced
a Definitive Agreement in August. And we closed the acquisition less
than two months later – that sets a great standard.”
The company’s expansion plans are discussed in its presentation, “Today
and Tomorrow – The OriginClear Group”, available on the company’s
home page.
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About OriginClear, Inc.
OriginClear is a leading provider of water treatment solutions and the
developer of a breakthrough water cleanup technology serving the rapidly
growing $500 billion world market. Through its wholly owned
subsidiaries, OriginClear provides systems and services to treat water
in a wide range of industries, such as municipal, pharmaceutical,
semiconductors, industrial, and oil & gas. To rapidly grow this segment
of the business, we strategically acquire profitable and well-managed
water treatment companies, which allow us to expand our global market
presence and technical expertise. To enable a new era of clean and
socially responsible water treatment solutions, we invented Electro
Water Separation™, a breakthrough high-speed water cleanup technology
using multi-stage electrolysis, that we license worldwide to water
treatment equipment manufacturers. Water is our most valuable resource,
and the mission of the “Family of OriginClear Companies” is to improve
the quality of water and help return it to its original and clear
condition. To learn more about OriginClear®, please visit our website at www.originclear.com.
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. When used in this update, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" 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.
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.
Abstract:
Audit of first OriginClear acquisition confirms profitable subsidiary
with $6 Million revenue; 2014 numbers are profitable and forecasted
to repeat in 2015
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