YANTAI, China, June 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 on 17 June
2021 the Commercial Division of the Eastern Caribbean
Supreme Court in the British Virgin
Islands (the "BVI Court"), discharged an injunction
that had been obtained on 16 March
2021 on an ex parte basis by Fulcan Capital Partners
LLC, a Nevada limited liability
company ("Fulcan"). Fulcan had sought to prevent the
Company, the members of the board of directors, and Tigerwind Group
Limited (a special purpose vehicle wholly owned by Mr. Yuebiao Li,
Chairman and Chief Executive Officer of the Company), from taking
any steps to proceed with the proposed "going private" merger
transaction. In response to the ex parte order, the Company
applied to discharge the injunction on the basis that Fulcan had
breached its duty of full and frank disclosure when applying for
the injunction. In discharging the injunction with immediate
effect, the BVI Court accepted the Company's submissions that the
Court had been misled by Fulcan at the ex parte hearing on
16 March 2021. In response to the BVI
Court's order, Mr. Yuebiao Li said, "Although it's too bad that we had to divert precious
time and resources to fight this baseless lawsuit, we're glad to
have this ex parte injunction behind us."
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.
View original
content:http://www.prnewswire.com/news-releases/newater-technology-inc-announces-the-discharge-of-injunction-against-its-going-private-transaction-301315218.html
SOURCE Newater Technology, Inc.