YANTAI, China, March 31, 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 the Company and its independent committee of the board of the
directors (the "Independent Committee") filed a Notice of
Application and Certificate of Urgency with the Eastern Caribbean
Supreme Court in the High Court of Justice, Virgin Islands (the "BVI Court") in
response to a lawsuit filed by Fulcan Capital Partners LLC, a
Nevada limited liability company
("Fulcan"). Fulcan obtained on March
17, 2021 an ex parte order from the BVI Court
enjoining against the Company, the members of the board of the
directors, and Tigerwind Group Limited, a special purpose vehicle
wholly owned by Mr. Yuebiao Li, from taking any steps to proceed
with the proposed "going private" merger transaction. The Company
believes that the Fulcan lawsuit is wholly without merit and the
ex parte order was obtained through falsehoods and
misrepresentations. The Company intends to vigorously defend
against Fulcan's claims in court
and expects to prevail on merits.
Separately, on March 29, 2021,
through its counsel, Fulcan submitted a purported renewed proposal to the
Independent Committee, which is substantially the same as Fulcan's
previous proposal to take the Company private. As the the Company believes the supposedly renewed proposal offers nothing
new in substance and does not even attempt to address the infirmities in the Fulcan proposal
identified by the Independent Committee and disclosed in the
Company's public filings, the Independent Committee continues to
believe that the proposal remains severely lacking in legality,
credibility and feasibility.
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.