Rainmaker Worldwide Expands its Water-as-a-Service Business Following the Termination of Share Purchase Agreement with Sphere...
February 16 2021 - 8:30AM
via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR)
(“
Company” or “
Rainmaker”)
announced today that the previously announced definitive Share
Purchase Agreement (“the Agreement”) with Sphere 3D Corp. (NASDAQ:
ANY) for the acquisition of Rainmaker Holland BV, a wholly owned
subsidiary of RAKR, has been terminated. Despite both parties’ best
efforts, it became apparent that all requirements, including
regulatory approvals could not be completed within the timeline
acceptable to both parties. No break-fee or termination costs were
paid by either party.
Effective immediately, Rainmaker is expanding its
Water-as-a-Service (WaaS) offering by exploring a wider spectrum of
clean water solutions to fulfill its active WaaS contracts and
bring more projects in its pipeline to fruition. Rainmaker
transitioned to a WaaS business model in January 2020 and customers
now receive a competitive per liter cost with no CAPEX or
operational burdens, lifting the financial barriers many clients
have discovered when vetting alternative options.
The Company’s new WaaS model has proven to secure
several client and joint venture agreements this past year
including a bottling operation in The Bahamas, an on-site
water production at Jamaica’s Northern Caribbean University,
and supplying water solutions to three large Turks and Caicos
Islands’ community developments which will be executed in
cooperation with Sphere 3D. These commitments, along with others
both current and forecasted, drive Rainmaker to continually evolve
and source new and innovative water solutions that will provide
safe water to more water scarce regions around the world.
“Over 2 billion people globally lack safe drinking
water,” said Rainmaker CEO Michael O’Connor. “And estimates
show that by 2030, nearly 50 percent of the world’s population will
live in severe water stress. After witnessing the furthering
detrimental effects the pandemic has had on global water security,
Rainmaker’s commitment to provide a greater range of fresh water
solutions through our WaaS model is stronger now more than
ever.”
As Rainmaker explores new affordable and
sustainable water solutions, the Company is exploring the process
to list on the OTCQB® with its 2018-2019 audits completed and 2020
underway. Transitioning from OTC Pink® to the next level of trading
opens a door to attract a greater pool of investors and offers
greater financial transparency for its shareholders.
Additionally, the Company has moved to strengthen
its governance and is actively looking to recruit more board
members according to OTCQB® requirements and standards. Mr.
O’Connor stated, “Rainmaker has always been built upon strong
global leadership and networks. With our Water-as-a-Service model
taking off, and as we work to list on the OTCQB®, we are seeking
exciting possibilities of potential board members who can
contribute invaluable expertise within the water sector and
business growth."
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader
in affordable water solutions through a Water-as-a-Service business
model. Headquartered in Peterborough, Canada, with an innovation
and manufacturing center in Rotterdam, Netherlands, the Company
provides economical drinking water at scale wherever it’s needed.
Rainmaker 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 Contact
Rainmaker Worldwide Inc. Michael O’Connor
Executive Chairman and Chief Executive Officer
info@rainmakerww.com
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