YANTAI, China, March 18, 2021 /PRNewswire/ -- Newater
Technology, Inc. (NASDAQ: NEWA) ("NEWA", or the
"Company"), a developer, service provider and manufacturer
of membrane filtration products and related hardware and engineered
systems that are used in the treatment, recycling and discharge of
wastewater, today announced that in light of a legal claim filed by
Fulcan Capital Partners LLC, a Nevada limited liability company
("Fulcan") against the Company, the members of the board of
directors of the Company, and Tigerwind Group Limited, a special
purpose vehicle wholly owned by Mr. Yuebiao Li, the Company's
chairman and chief executive officer, before the Eastern Caribbean
Supreme Court in the High Court of Justice, Virgin Islands, the extraordinary general
meeting of the shareholders of the Company, originally scheduled on
March 19, 2021 at 8:30 am (Beijing Time), has been postponed
pending further notice. The court order provides that the meeting
be postponed until at least twenty days after the final
determination of Fulcan's claim or until further order of the
court, whichever is later. Fulcan has obtained an ex parte
court order on March 17, 2021
enjoining against the Company and the members of the board of
directors of the Company against proceeding with the extraordinary
general meeting of the shareholders as originally planned. The
Company and the board of the directors of the Company believe that
this is meritless lawsuit that they intend to vigorously defend
against.
ABOUT NEWATER TECHNOLOGY, INC.
Founded in 2012 and headquartered in Yantai, China, the Company, operating its business
through its wholly owned subsidiary Yantai Jinzheng Eco-Technology
Co. Ltd., specializes in the development, manufacture and sale of
DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube
Nano-Filtration) membranes for waste water treatment, recycling and
discharge. NEWA provides integrated technical solutions in
engineering support and installation, technical advice and water
purification services, and other project-related solutions to turn
wastewater into valuable clean water. More information about the
Company can be found at www.dtNEWA.com.
The Company's core business includes:
- Reuse of high quality reclaimed water;
- High-salt and high-polluting wastewater treatment and
near zero-liquid discharge;
- Highly efficient treatment of Landfill leachate; and
- Utilization of acid or alkali-containing wastewater as
resources.
More information about the Company can be found at:
www.dtNEWA.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding the transaction are forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual
results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the water filtration industry in China; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the Securities and Exchange Commission. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE Newater Technology, Inc.