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Current Water Technologies completes Pumptronics acquisition

Published by
World Fertilizer,


Current Water Technologies Inc. (previously known as ENPAR Technologies) has announced that it has closed the acquisition of Pumptronics Inc. by acquiring 100% of the issued share capital.

As agreed, the company has delivered the following to the vendor: a payment of $700 000 in cash on closing; $100 000 by credit of the deposit amount previously paid by the company to the vendor; a payment of $400 000 by issuance of a promissory note to the vendor or as the vendor may direct; and 12 000 000 common shares of the company at $0.15 per common share.

In order to facilitate this acquisition, Current Water Technologies has also closed an initial tranche of the company’s proposed private placement in the amount of $1 325 000 for 8 833 333 units at $0.15 per unit. Each unit consists of one common share in the capital stock of the company and one half share purchase warrant, which is exercisable for a two-year period from the closing date. Two purchase warrants allow the holder to buy one addition common share at an exercise price of $0.25 per common share.

The company is expecting to close a second tranche of its non-brokered private placement by the end of January 2018.

The President and CEO of the company, Gene Shelp, said: “Current Water Technologies Inc. is extremely pleased to announce the acquisition of Pumptronics, which couples a strong baseline revenue stream with a robust sales pipeline that has significant growth potential in the near term, and blue-sky technology sales with a commensurate appreciation of shareholder value. By combining two complementary businesses, we have increased our depth and breadth of technical services and manufacturing capabilities.”

Read the article online at: https://www.worldfertilizer.com/product-news/11012018/current-water-technologies-completes-pumptronics-acquisition/


 

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