Water Technologies International, Inc. Looks to Unwind the Water Zone Acquisition
WEST PALM BEACH, FL / ACCESSWIRE / June 2, 2023 / Water Technologies International, Inc. (OTC Markets Pink Sheets:WTII - News) the leader in the technology in atmospheric water generator's production and design announced today that it has decided to unwind Water Zone, its wholly owned subsidiary. The Company provides commercial water treatment to Hospitals, condominiums, car washes, and large manufacturers, and delivers DI resin tanks to companies throughout Florida. Water Zone has fallen under pressure from rising debt and shrinking profit margins. Over the past few years, the Company has had to deal with the COVID-19 pandemic, rising costs due to issues with supply chains, labor shortages, fuel prices, inflation, and late-paying customers. The Company had been winning contracts but by the time the work orders were completed the rising costs and legacy obligations eroded the margins and left the wholly owned subsidiary insolvent.
The Water Zone's debt has continued to grow and left the subsidiary unable to continue in its current state. Water Technologies will continue with our atmospheric water generators and look for another subsidiary in a different sector with higher profit margins and that is less labor intensive."
For more information on Water Technologies International, Inc., go to OtcMarkets.com for the company's current financial statements and disclosure statements.
A video showing the proof-of-concept prototype is available at the company's website, www.gr8water.net
For a direct link to a copy of the company's product information "Slick Sheets" visit our website at: www.gr8water.net/products/product-slick-sheets .
About the Company
Water Technologies International, Inc., and its wholly owned subsidiaries, GR8 Water, Inc. (Great Water) and Aqua Pure International, Inc. (Specializing in Filtration Systems) are engaged in the manufacture and distribution of technologically advanced Atmospheric Water Generators (AWG). These unique devices utilize a patent pending air purification input system to produce clean, great-tasting, safe water from the humidity in the air. GR8 Water makes freestanding water factory units for the home or office and large, industrial-sized water units using a modular design that can produce up to thousands of gallons of water each day from ambient air. GR8 Water strives to make safe drinking water available to everyone on the planet, making the world a better place in which to live while nurturing the environment. The Company has patents issued by the USPTO and has filed for additional patents with the USTPO. It had also been filed globally through the Patent Cooperation Treaty. Its "Water village" trademark has been issued by the USPTO.
Statement as to Forward-Looking Statements.
Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
For Further Information Contact:
Investor Relations for Water Technologies Intl., Inc.
William S, Tudor, CEO
772-335-5550
SOURCE: Water Technologies International, Inc.
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