Fortune Rise Acquisition Corporation and OriginClear Agree to Further Extend Period to Consummate Merger
Fortune Rise recently proposed to acquire Water On Demand, Inc. through a non-binding LOI.
OriginClear's subsidiary, Water On Demand, made a $977,500 deposit to extend the period for consummating its initial business combination until May 5, 2023. The LOI is intended to guide negotiations and is contingent on specific terms being met. As a blank check company, Fortune Rise has no operations and will not generate revenues until after completing a business combination. The recent acquisition of Fortune Rise Sponsor, LLC has positioned Water On Demand within the clean water sector, aligning with market trends and local community initiatives.
- Water On Demand's acquisition by Fortune Rise could enhance market presence in the clean water sector.
- The $977,500 deposit demonstrates commitment to complete the business combination, extending the deadline by three months.
- Fortune Rise remains a blank check company with no operational revenues.
- The LOI is non-binding, indicating uncertainty in the acquisition process.
In a non-binding LOI,
Recently, the parties announced that WODI (www.waterondemand.net), executed a Letter of Intent (“LOI”) with FRLA under which FRLA proposes to acquire all the outstanding securities of Water on Demand, based on certain material financial and business terms and conditions being met. The LOI is not binding on the parties and is intended solely to guide good-faith negotiations toward definitive agreements.
Earlier, Water On Demand announced that it closed the acquisition of the equity interests of
About
FRLA is a blank check company incorporated in
FRLA is a "shell company" as defined under the Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. FRLA will not generate any operating revenues until after the completion of its initial business combination, at the earliest. To date, FRLA’s efforts have been limited to organizational activities and activities related to its initial public offering as well as the search for a prospective business combination target.
About
Once a government monopoly, clean water is going private. Local industries and communities are now treating and recycling their own water, helping to reduce the burden on municipal systems and save on fast-rising water rates while also responding to the challenge of climate change. That’s good for business and good for sustainability, and now the innovative fintech, Water On Demand™, is fueling this movement. For the first time, Clean Water is becoming an investable asset, open to
For more information, visit the company’s website: https://www.originclear.com/
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No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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Matters discussed in this release contain forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," “plans” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein.
These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization, and if or when the Company will receive and/or fulfill its obligations under any purchaser orders. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230207006131/en/
OriginClear Media Contact
lais@thepontesgroup.com
www.thepontesgroup.com
Toll-free: 877-999-OOIL (6645) Ext. 3
International: +1-323-939-6645 Ext. 3
Fax: 323-315-2301
ir@OriginClear.com
www.OriginClear.com
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FAQ
What does the non-binding LOI between Fortune Rise and Water On Demand entail?
What is the significance of the <b>$977,500</b> deposit made by Water On Demand?
How does the acquisition of Water On Demand impact Fortune Rise's operations?
What are the risks associated with the acquisition of Water On Demand by Fortune Rise?
