PowerVerde Inc. Completes its Merger with 374Water, Inc. to Accelerate Delivery of CleanTech to Eliminate PFAS and Recover Resources from Waste and Wastewater

Rhea-AI Summary

On April 20, 2021, PowerVerde (PWVI) announced its merger with 374Water, enhancing its capabilities to tackle PFAS contamination in waste and wastewater management. The merger grants 374Water shareholders approximately 49.1% ownership, while PWVI shareholders will hold 34.4%. The combined entity will be rebranded as 374Water Inc. and trade under the symbol SCWO. This merger aims to leverage 374Water's innovative Supercritical Water Oxidation technology to improve resource recovery and environmental impact, particularly in industrial and municipal systems.

Positive

• Merger expected to significantly enhance capabilities in PFAS contaminant management.
• 374Water's innovative technology integrated with PowerVerde's heat recovery systems could lead to increased operational efficiencies.
• Shareholder distribution post-merger indicates a balance between key stakeholders.

Negative

• 374Water shareholders will own a majority stake, which may dilute PowerVerde's influence in the newly formed company.

MIAMI, April 20, 2021 /PRNewswire/ -- PowerVerde Inc. OTCQB ("PWVI"), a Florida-based energy systems developer, and 374Water Inc. ("374Water"), a North Carolina-based cleantech company, today announced the completion of the merger contemplated by their binding LOI executed Sept 20, 2020. The merger will accelerate the delivery of a waste and water resource recovery system that will enable municipal, industrial waste, and wastewater management organizations to address the growing risk of 'forever chemicals' PFAS contamination, while also recovering precious natural resources.

CleanTech to Eliminate PFAS and Recover Resources from Waste and Wastewater.

Subject to the terms and conditions set forth in the merger agreement, PWVI is issuing new shares of PWVI stock to 374Water shareholders and closing its $6.4 million private placement of Series D convertible preferred stock such that 374Water shareholders will own approximately 49.1% of the combined company, PWVI shareholders will own approximately 34.4% and the preferred stock investors will own approximately 16.5%. The merged company will be named 374Water Inc. and will likely trade under the symbol SCWO, an acronym for supercritical water oxidation.

"The merger of 374Water and PowerVerde will advance the global paradigm shift from water and waste treatment to resource recovery. 374Water's patent-pending Supercritical Water Oxidation system, the "AirSCWO", is a superior, sustainable, and cost-effective technology applicable to municipal wastewater and industrial waste management facilities and we believe it is the best technology to address the growing forever chemical crisis. Our system will efficiently treat waste at the source, convert waste to recoverable and reusable resources, and eliminate PFAS and other emerging contaminants," said Kobe Nagar, CEO of 374Water, the merged company. "The merger with PowerVerde allows us to vertically integrate their heat recovery technology into our system, allowing us to maximize our environmental and social impact outcomes around the world". 

The AirSCWO uses an advanced oxidation method that purifies a variety of organic wastes, in particular, wet wastes in concentrated slurries such as wastewater sludge, biosolids, and agricultural, pharmaceutical, food, and chemical wastes.

Cautionary Language
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning,

About 374Water, Inc
374Water Inc., PWVI is a publicly-traded company offering an innovative technology to process and eliminate "forever" chemicals from the natural and developed environments. Our mission is to preserve a clean and healthy environment that sustains life. We apply cutting-edge science and engineering prowess to recover resources from the wastes our society generates to keep our drinking water clean! We help businesses and local governments to obtain their sustainable Development Goals (SDGs)

CONTACT: Mr. Richard Davis, rd@374Water.com and/ or ir@374Water.com, (786) 412-7015

Related Links:
https://www.374water.com

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SOURCE PowerVerde, Inc.

FAQ

What is the significance of the merger between PowerVerde and 374Water?

The merger aims to create a stronger entity focused on addressing PFAS contamination and improving waste management technology.

How will the merger impact shareholders of PowerVerde (PWVI)?

Post-merger, PowerVerde shareholders will own approximately 34.4% of the combined company, while 374Water shareholders will own about 49.1%.

What new stock symbol will the merged company trade under?

The merged company will be named 374Water Inc. and is expected to trade under the symbol SCWO.

What technology does 374Water bring to the merger?

374Water contributes its patented Supercritical Water Oxidation technology, which targets PFAS and other contaminants in waste.

When was the merger agreement between PowerVerde and 374Water finalized?

The binding Letter of Intent for the merger was executed on September 20, 2020, with the completion announced on April 20, 2021.