GWT Sells Two Subsidiaries
Global Water Technologies, Inc., a technology-driven water purification and services provider to the $400 billion water industry, announced that it had completed the sale of its two subsidiaries, Electric H2O, Inc. and Watergy Produced Water Solutions, Inc.
Under the terms of the transaction, GWT will realize $9.2 million paid in the form of cash and a note payable over 60 months. GWT will utilize these funds to finance its strategic plan. The plan includes further development of its water and environmental technologies and markets, as well as potential related acquisitions. The company also plans to become a Securities and Exchange Commission-compliant company and seek listing on additional worldwide exchanges.
Global Water and its former subsidiaries will continue to headquarter at their current location.
Chief Executive Officer George Kast said: "This is a very positive move for the company as it will provide the necessary resources to pursue our strategic plan. The investment community is seeking a high-growth water platform that can attract significant capital to emerge as a public water and environmental enterprise, and we have the experience and are well positioned to take a leading role in this exciting and timely space."
Global Water Technologies, Inc. is a CleanTech water treatment and services company with innovative technologies, focused on the energy, power, oil and gas, process, HVAC and municipal markets.