Miranda Water Treatment Systems and Rainmaker Worldwide Inc. Together Sign on the Acquisition of Miranda
October 2, 2023
Rainmaker Worldwide Inc. and Miranda Water Treatment Systems have signed a binding Share Purchase Agreement and Shareholder Agreement to acquire Miranda shares.
Rainmaker Worldwide Inc. (OTCMKTS:RAKR)
PETERBOROUGH, ONTARIO, CANADA, October 2, 2023 /EINPresswire.com/ — Rainmaker Worldwide Inc. (OTC: RAKR) (the “Company” or “Rainmaker” or “RAKR”) and Miranda Water Treatment Systems (“MWTS”) have signed a binding Share Purchase Agreement (“SPA”) and Shareholder Agreement (“SHA”) to affect the acquisition of Miranda shares. The acquisition is being executed by Rainmaker Worldwide Inc., Ontario. This subsidiary is jointly owned by RAKR and its investment and operational partner Viva Industries (“Viva”).
“This acquisition will lead to the full horizontal integration of resources, and allow MWTS with RAKR to better serve global water and wastewater treatment needs” stated Bulent Hatay, CEO of MWTS. “Currently, Miranda has installations in more than 35 countries and, RAKR will enable the expansion of this reach with its global scope and broaden the portfolio of water treatment products. The addition of a strong and strategic financial partner further fortifies the capability to expand our global commercial footprint.”
RAKR has built a financial consortium to execute the purchase of Miranda shares which will result in a material enhancement to Rainmaker financial performance. The individual operating entities will operate synergistically through a period of rapid expansion and transition. The management of RAKR believes this will enable RAKR to increase revenue and achieve positive EBITDA.
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. Since the original signing of the MOU, both teams have employed exhaustive efforts to develop projects in areas where Miranda has yet to develop. We believe the focused, dedicated sales effort over the last six months should yield operating results in the near-term and we look forward to communicating positive updates at the appropriate time. To this end, we have recently shipped the system for the first joint project in Turks and Caicos. This project is expected to lead to much more business in the Island resort community. At the same time, we are working vigorously to build joint business in Canada, the United States, Mexico, Central and South America.”
The administrative closing regarding acquisition of Miranda’s majority shares will take place in Ankara, Turkey and is expected before year end.
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.
About Viva Industries Inc.
Viva Industries Inc. is an investment firm specializing in acquiring, developing, and commercializing water and eco-friendly technologies. The company takes a comprehensive approach, seamlessly integrating strategic investments, research and development, solution commercialization, and business channel development. Viva Industries is committed to driving sustainable change and growth in the water sector, fulfilling a vital global need. For more information, please visit www.vivaindustries.ca
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.