Rainmaker Worldwide Expands its Water-as-a-Service Business Following the Termination of Share Purchase Agreement with Sphere 3D Corp.
Rainmaker Worldwide Inc. (OTC: RAKR) announced it is preparing to list on the OTCQB® while expanding its Water-as-a-Service (WaaS) offerings. The previously announced acquisition of Rainmaker Holland BV by Sphere 3D Corp. has been terminated due to unmet regulatory approvals. Rainmaker has secured multiple client agreements and aims to address the global water crisis, with over 2 billion people lacking safe drinking water. The company is strengthening governance to meet OTCQB® standards and is actively recruiting board members.
- Expansion of Water-as-a-Service (WaaS) model to provide affordable clean water solutions.
- Secured multiple client agreements, including operations in The Bahamas and Jamaica.
- Commencement process for listing on the OTCQB®, enhancing financial transparency.
- Termination of the acquisition agreement with Sphere 3D Corp., indicating challenges in growth strategy.
RAKR prepares to list on the OTCQB® as it explores a greater range of clean water solutions.
Peterborough, CA, Feb. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR) (“Company” or “Rainmaker”) announced today that the previously announced definitive Share Purchase Agreement (“the Agreement”) with Sphere 3D Corp. (NASDAQ: ANY) for the acquisition of Rainmaker Holland BV, a wholly owned subsidiary of RAKR, has been terminated. Despite both parties’ best efforts, it became apparent that all requirements, including regulatory approvals could not be completed within the timeline acceptable to both parties. No break-fee or termination costs were paid by either party.
Effective immediately, Rainmaker is expanding its Water-as-a-Service (WaaS) offering by exploring a wider spectrum of clean water solutions to fulfill its active WaaS contracts and bring more projects in its pipeline to fruition. Rainmaker transitioned to a WaaS business model in January 2020 and customers now receive a competitive per liter cost with no CAPEX or operational burdens, lifting the financial barriers many clients have discovered when vetting alternative options.
The Company’s new WaaS model has proven to secure several client and joint venture agreements this past year including a bottling operation in The Bahamas, an on-site water production at Jamaica’s Northern Caribbean University, and supplying water solutions to three large Turks and Caicos Islands’ community developments which will be executed in cooperation with Sphere 3D. These commitments, along with others both current and forecasted, drive Rainmaker to continually evolve and source new and innovative water solutions that will provide safe water to more water scarce regions around the world.
“Over 2 billion people globally lack safe drinking water,” said Rainmaker CEO Michael O’Connor. “And estimates show that by 2030, nearly 50 percent of the world’s population will live in severe water stress. After witnessing the furthering detrimental effects the pandemic has had on global water security, Rainmaker’s commitment to provide a greater range of fresh water solutions through our WaaS model is stronger now more than ever.”
As Rainmaker explores new affordable and sustainable water solutions, the Company is exploring the process to list on the OTCQB® with its 2018-2019 audits completed and 2020 underway. Transitioning from OTC Pink® to the next level of trading opens a door to attract a greater pool of investors and offers greater financial transparency for its shareholders.
Additionally, the Company has moved to strengthen its governance and is actively looking to recruit more board members according to OTCQB® requirements and standards. Mr. O’Connor stated, “Rainmaker has always been built upon strong global leadership and networks. With our Water-as-a-Service model taking off, and as we work to list on the OTCQB®, we are seeking exciting possibilities of potential board members who can contribute invaluable expertise within the water sector and business growth."
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in affordable water solutions through a Water-as-a-Service business model. Headquartered in Peterborough, Canada, with an innovation and manufacturing center in Rotterdam, Netherlands, the Company provides economical drinking water at scale wherever it’s needed. Rainmaker was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For more information about Rainmaker, visit www.rainmakerww.com.
Forward-looking Statements
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of Rainmaker’s business, potential distribution partnerships and/or clients, and related business strategy. Such statements estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time-to-time. Rainmaker’s undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Investor Contact
Rainmaker Worldwide Inc.
Michael O’Connor
Executive Chairman and Chief Executive Officer
info@rainmakerww.com
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