OriginClear Contributes Modular Water Systems Division to its Water On Demand Subsidiary
OriginClear Inc. (OTC Pink: OCLN) has merged its Modular Water Systems division with its subsidiary, Water On Demand, Inc. (WOD). In exchange for Modular Water's assets, WOD issued 6 million shares of its common stock. The assets include a global master license for five patents valued between
Additionally, WOD has entered a non-binding Letter of Intent with Fortune Rise Acquisition Corporation (FRLA) for a potential acquisition, which could result in a new publicly traded entity on Nasdaq.
- Successful merger of Modular Water Systems with Water On Demand, enhancing operational capabilities.
- Valuation of Modular Water's patents between $26.6 million and $53.2 million, indicating significant asset value.
- Projected total available market for Water On Demand expected to exceed $8 billion by 2026.
- The Letter of Intent with FRLA is non-binding, which introduces uncertainty to the acquisition process.
- FRLA is a blank check company with no operational revenues, limiting immediate revenue generation potential.
Synergy of technology and finance could accelerate adoption of private water treatment by local businesses
Water On Demand purchased Modular Water’s assets in return for 6 million shares of Water On Demand common stock. The assets include OriginClear’s existing global master license to the five patents of inventor Daniel M. Early, P.E., who heads Modular Water, and the right to file patents for all additional inventions since 2018, when
Water On Demand purchased Modular Water’s assets in return for 6 million shares of Water On Demand common stock. The assets include OriginClear’s existing global master license to the five patents of inventor Daniel M. Early, P.E., who heads Modular Water, and the right to file patents for all additional inventions since 2018, when
Recently,
“This is an example of
Water On Demand issued a new presentation describing the new combined businesses and planning: (View HERE)
“As governments are tasked with improving water quality, businesses are doing their part by treating and recycling their own water right on the spot,” said
On
The parties will work together in good faith with their respective advisors to agree on a structure for the business combination that is most expedient to the consummation of the acquisition. Pursuant to the LOI, it is proposed that FRLA will acquire
Subject to meeting NASDAQ quantitative and qualitative listing requirements, upon the closing of the business combination, the newly-combined entity will trade publicly on Nasdaq under a new trading symbol.
The precise structure of the business combination, including the proportion of stock and/or cash consideration paid to the WODI equity holders, will be negotiated to meet the needs of all parties including management of WODI and key equity holders.
Previously, Water On Demand announced that it closed the acquisition of the equity interests of
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.
Safe Harbor Statement
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/20230418006211/en/
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FAQ
What is the recent merger involving OriginClear Inc. and Water On Demand?
What is the estimated value of Modular Water's patents?
What is the projected market size for Water On Demand by 2026?
What is the status of Water On Demand's acquisition by Fortune Rise Acquisition Corp. (FRLA)?
What stock symbols are associated with this merger?
