Rainmaker Worldwide Submits Application to the OTC Markets to Up-List to OTCQB and Appoints Two Independent Directors
Rainmaker Worldwide (OTC: RAKR) has applied to uplist from OTC Pink to OTCQB, seeking greater capital access and a wider shareholder base pending approval. The company welcomed two independent directors to its board: Dr. Mamdouh Shoukri and Mr. James Ross, effective December 21, 2021. Both bring substantial expertise in governance and finance, with roles on various committees. CEO Michael O’Connor expressed optimism about these changes and the company’s upcoming product launches in Q1 2022. Rainmaker specializes in affordable water solutions, underscoring its commitment to addressing global water issues.
- Application to uplist to OTCQB may provide better access to capital.
- Appointment of experienced independent directors may strengthen governance.
- Anticipated product launches in Q1 2022 could enhance market presence.
- Uplist approval is not guaranteed and may pose risks regarding access to capital.
PETERBOROUGH, Ontario, Jan. 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide (OTC: RAKR) (the “Company,” “Rainmaker” or “RAKR”) announced today the submittal of its application to the OTC Markets to up-list to the OTCQB® from the OTC Pink. The ultimate up-listing is subject to OTC approval. Rainmaker is hopeful that the Company will have greater access to capital and a much broader and diverse shareholder base subject to this approval.
Furthermore, RAKR announces the appointment of two independent directors: Dr. Mamdouh Shoukri, C.M., O.Ont., PhD, FCAE, P.Eng. who was previously part of the Board and who joined the Board of Directors, effective December 21, 2021; and Mr. James Ross, BEnvs., MBA who also joined the Board of Directors effective December 21, 2021.
In addition to their regular duties on the Board that include providing strategic guidance and technical and financial expertise, Dr. Shoukri and Mr. Ross will serve as members of the Audit Committee, the Nomination Committee, and the Compensation Committee.
Dr. Shoukri serves on the Board of Directors of the Canada Foundation for Innovation. This independent not-for-profit organization invests in research facilities and equipment in Canada’s universities, colleges, research hospitals, and non-profit research institutions. Dr. Shoukri was the seventh President and Vice-Chancellor of York University, Ontario, Canada, from July 1, 2007, to June 30, 2017. Dr. Shoukri began his career in academia at McMaster University in Hamilton, Ontario, Canada. In support of the power and process industries, McMaster's leading research programs were directed by Dr. Shoukri as he served in administrative leadership positions, including as Department Chair, Dean, and Vice-President. As an academic leader, he guided York’s transformation into a comprehensive research-intensive university and spearheaded hundreds of millions of dollars of capital development projects. In 2013, for his contributions to the flourishing of Ontario’s academic institutions as both an engineer and an administrator, Dr. Shoukri was named a Member of the Order of Canada, the Order of Ontario, and awarded the Queen Elizabeth II Diamond Jubilee medal.
Michael O’Connor, Chairman and CEO of Rainmaker Worldwide, said, “I am extremely honored to have Dr. Shoukri rejoin the Rainmaker Board as we finally move beyond the difficult times of Covid and expect to begin delivering products to market in the first quarter of 2022. Adding Dr. Shoukri and Mr. Ross to our Board is an important step in our ongoing process to enhance corporate governance and develop our long-term plan.”
Dr. Shoukri said, “I am very pleased to rejoin the Board of Rainmaker Worldwide and look forward to working with the team. There continues to be no greater global priority than having access to safe drinking water. Rainmaker represents an excellent opportunity for me to build on my lifelong, global relationships in engineering and academia.”
Mr. Ross has held senior executive management positions in Renewable and Technology companies. During this period, he has invested in, developed, financed, divested, and acquired numerous energy projects in hydro, biomass, wind, co gen, fuel cell, and gas firms. He has also been actively involved and invested in multiple technology companies, including Telecommunications, Renewable, Information Technology, Blockchain, and GIS companies. He has been a Director and Financial Manager of both public and private companies. Mr. Ross has also served as the President of JSR Capital Inc., an investment fund and corporate finance firm focused on funding and consulting well-managed emerging renewable, independent power and technology companies since September 1991.
Mr. O’Connor said, “I am extremely pleased to have Mr. Ross bring his decades-long financial expertise to the Rainmaker Board especially given his depth of knowledge in the resource and renewable energy sectors. He will bring a much-needed skillset to the team as we look to grow and expand in the near future.”
Mr. Ross said, “I am excited to join the Board of an emerging growth company in the resource sector, especially water, which has become such a prominent global concern. I will bring my experience and knowledge base to the Rainmaker team as we all seek to make a difference and provide shareholder value.”
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in affordable water solutions through a Water-as-a-Service business model. RAKR is headquartered in Peterborough, Canada. The Company provides economical drinking water at scale wherever it is needed. Rainmaker was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For the latest product information and FAQs, please 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 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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