PETERBOROUGH, Ontario and ANKARA, Turkey, Oct. 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Rainmaker Worldwide Inc. (OTC: RAKR) (the “Company” or “Rainmaker” or “RAKR”) and Miranda Water Treatment Systems (“MWTS”) have signed a Memorandum of Understanding (MOU) to formalize the integration of the two firms at both strategic and operating levels.
“This next step allows for much closer coordination of resources, and closely aligns MWTS with RAKR to better serve global water and wastewater treatment needs,” stated Bulent Hatay, CEO of MWTS. “Miranda already has installations in more than 35 countries and RAKR will expand this reach with its global scope and synergy with its portfolio of water products. We look forward to our continuing collaboration with RAKR to get our technology in the hands of people who truly benefit from it.”
RAKR is in the process of building a financial consortium to affect the purchase of reciprocal stakes between the respective companies which will result in the proportional consolidation of MWTS financial results. The individual operating entities will continue business as usual. Management of RAKR believes that this will ultimately lead to RAKR becoming revenue and EBITDA positive.
Chairman and CEO of Rainmaker Michael O’Connor said, “We believe that the technological, operating, marketing and sales expertise of MWTS will be invaluable to the future success of RAKR. These are very exciting times for both companies to mutually benefit from leveraging market reach and provide an A-Z suite of water technologies to serve our clients in the most efficient way possible.”
Both companies are in the midst of defining definitive agreements and finalizing mutual due diligence. Upon signing of the definitive agreements, the parties will release the purchase terms, as well as the full integration plan. There can be no assurance that the parties will reach a definitive agreement.
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.
About Miranda Water Treatment Systems
Miranda Environmental Water Services is an internationally recognized leader in biological water & wastewater treatment and water reuse systems. Miranda is headquartered in Ankara, Turkey. The Company’s wastewater treatment systems are sold and supported by a global network of distributors, dealers and installers. For the latest product information and FAQs, please visit https://mirandawater.com.
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.
Rainmaker Worldwide Inc.
Executive Chairman and Chief Executive Officer