Rainmaker Worldwide Inc. Announces the Strengthening of its Team Following the Sale of its Water Subsidiary Rainmaker Holland...
January 05 2021 - 4:30PM
via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR) (“The
Company”) announces it will continue to expand its focus on
commercializing Environmental, Social and Governance (“ESG”)
technologies following the completed sale of its water subsidiary
Rainmaker Holland BV to Sphere 3D Corp. (NASDAQ: ANY) (“Sphere
3D”). The transaction is expected to close in less than 10
days. The acquisition was announced on January 4th and
will transition the Rainmaker brand under Sphere 3D.
RAKR will continue to pursue value creation for its shareholders
by leveraging its institutional and market knowledge and asset
base. RAKR will receive a percentage of gross revenue from
all Rainmaker operations implemented in Jamaica over the next 4
years. RAKR plans to continue to build global joint venture
partnerships and pursue strategic acquisitions of burgeoning
technological companies that supports The Company’s vision of a
more sustainable future.
The Company’s new chapter will be led by Michael
O’Connor, RAKR’s current Executive Chairman who will now assume the
role as Interim CEO. Michael Skinner, former CEO becomes Interim
CEO of Sphere 3D to ensure a successful transition. Prior to
co-founding Rainmaker, Mr. O’Connor was one of the founders of Wind
Mobile, now known as Freedom Mobile, which was acquired by Shaw
Communications Inc. in 2016 for $1.6 billion. Mr. O’Connor brings
over 25 years of expertise in operational, corporate finance,
business development and corporate governance to his leadership
roles. He has a global track record in business development in
Africa, Asia, Europe, and the Middle East having led merger and
acquisition projects worth more than $30 billion.
RAKR also welcomes Michael Della Fortuna and Dr.
Mamdouh Shoukri to RAKR’s Board as independent Directors. Mr. Della
Fortuna adds invaluable product and technology development
experience to the RAKR board. He is the CEO of Nexeya Canada Inc.,
which designs, manufactures and supports embedded and stand-alone
products for capital intense and mission critical environments. Mr.
Della Fortuna is also the current Board Chair of Drone Delivery
Canada, a pioneering technology firm with a focus on designing,
developing and implementing a commercially viable drone delivery
system.
Dr. Shoukri is re-joining the RAKR board and
brings a life-time of expertise and a specific focus of identifying
acquisition targets in the environmental and water technology
space. Dr. Shoukri is a world-renowned researcher specializing in
thermal-fluid science and has published over 120 scholarly articles
in the field. Earlier in his career, he served as the Dean of
Engineering at McMaster University and under his guidance led the
department to become one of the foremost engineering schools in
Canada. Dr. Shoukri recently completed his decade-long tenure as
the seventh President and Vice-Chancellor of York University, where
he guided York’s transformation into a comprehensive
research-intensive university as well as spearheaded hundreds of
millions of dollars of capital development projects. Dr.
Shoukri was a founding Board Member of the Ontario Centres of
Excellence (OCE) which supports the commercialization of academic
intellectual property (IP), industry-academic collaborations and
the development and adoption of emerging technologies as well as a
member of the Ontario Research and Innovation Council (ORIC).
Michael O’Connor, RAKR Executive Chairman and
incoming Interim CEO, stated, “I am pleased to lead RAKR through
this exciting repositioning and welcome Michael Della Fortuna and
Dr. Mamdouh Shoukri to the board as independent and active
directors to assist me in fulfilling our mission. Our team will
provide substantial value for our shareholders as we refine our
directive. Our focus is to continue to expand, RAKR’s founding
inspiration and deliver progress for our planet and global
communities through innovative technology solutions.”
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) has been a
leader in technology that produces clean, affordable water.
Headquartered in Peterborough, Canada and focused on the
commercializing of ESG technology and solutions. On January
4th 2021, Sphere 3D Corp. (NASDAQ: ANY) announced the acquisition
agreement of Rainmaker Holland BV, the core subsidiary of Rainmaker
Worldwide Inc. expected to close within 90 days of the announcement
subject to all necessary board and regulatory approvals, as
applicable. This acquisition presents tremendous growth opportunity
providing additional access to capital markets to help solve the
global water crisis on a greater scale. Rainmaker Worldwide Inc.
was recognized as the Best Community Impact Water Solutions Global
2020 by Capital Finance International. For more information
about Rainmaker, visit www.rainmakerww.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’s 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 Contacts
Rainmaker Worldwide Inc. Michael
O’Connor Executive Chairman and Chief Executive Officer
info@rainmakerww.com
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