Water Now, Inc. Announces Two-Year Contract for HydraSpin Mobile HS5500 Unit in Texas
Fort Worth, TX - ( NewMediaWire ) - September 9, 2019 - Water Now, Inc. (“Water Now” or the “Company”) (OTCQB: WTNW) a leading water purification solutions company, today announced an agreement to install its HydraSpin Mobile HS5500 unit at a location in Texas. Total revenues for the two-year period following installation are expected to be approximately $2.8 million. The Company will share in the proceeds from the oil that is recovered and sold in the market. The customer is a Fort Worth-based independent oil and gas producer. Monthly revenues from the contract are expected to be recognized within 60 days after the site is prepared and the unit installed, which is expected to be on or before September 2019.
David King, Chief Executive Officer of Water Now, stated, “I’m happy to announce a second installation contract in the last several days. Both contracts can potentially result in aggregate revenues of approximately $6.8 million over the next two years, with monthly recurring revenues expected to begin in October 2019. After our customer tested our HydraSpin unit and realized the cost efficiencies generated, as well as the ability to capture clean water, they have expressed interest in partnering on additional units.We are excited about the value our HydraSpin units create for our customers.”
About Water Now, Inc.
Water Now, Inc., headquartered in Ft. Worth, Texas, has developed a water purification technology that cost-effectively produces portable water from fresh or saltwater sources. Our flameless heating process distills water without the need for filters, membranes, or chemicals, eliminating maintenance costs as well as downtime caused by clogged membranes and filters. Our mission is to create solutions that make clean, affordable water available anywhere on the planet and to help end the spread of disease through contaminated water sources.
We believe that the humanitarian, environmental and commercial applications of the technology are virtually immeasurable, and we are excited to deliver solutions that we believe will help reduce water scarcity issues on a global scale.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements Water Now, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Water Now, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as “Risk Factors” in our filings with the Securities and Exchange Commission (“SEC”). There may be other factors not mentioned above or included in the Water Now’s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. Water Now, Inc. assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Investor Relations Contact:
Porter, LeVay Rose