GUELPH, Ontario, Oct. 06, 2021 (GLOBE NEWSWIRE) — Current Water Technologies Inc. (TSX-V: WATR) (“CWTI” or “the Company” or “the Corporation”), an emerging technology leader in the management of industrial and municipal wastewater, received an initial $73,000 contract from Ship Nature’s Way (SNW) to design a novel ammonia treatment unit for the safe transport of marine and fresh water animals (refer to Press Release dated Sept 21, 2021). This initial contract is an operating trial demonstration, and successful completion will lead to additional commercial contracts.
Ammonia, after oxygen, is generally considered the water quality parameter that most affects the health of aquaculture animals. This issue is most important in intensive systems which depend on comprehensive treatment of water before recirculation. Even low levels of ammonia cause stress and poor growth, damage gills and other tissue, and increase susceptibility to bacterial infections.
As ammonia is the principal metabolic waste product of fish and other aquaculture animals, it is extremely important that exposure to toxic ammonia levels is prevented by maintaining an aggressive treatment program during both the pre-transport conditioning and transportation stages.
Dr. Shelp said, “CWTI is a leader in the development of electrochemical technologies for the treatment of ammonia in municipal and industrial waste waters. We are extremely confident in our ability to design an innovative ammonia treatment solution system that will help ensure the cost effective, humane, live haul transport and storage of aquaculture animals.
Given the business acumen of the SNW consortium of companies and the predicted market value of the global aquaculture sector of US $340 billion in 2027, near-term commercial sales are anticipated. Following a successful trial, 35 and 70 AmmEl-CRx units will be purchased in Y2022 and Y2023, respectively, to outfit the existing container fleet. Expansion of the container fleet is expected to occur in Y2024 to Y2026.
We look forward to an exciting 12–24 months.”
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Current Water Technologies Inc.
Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated operates as a division of the Company and continue to function as an integrated pump station manufacturer specializing in custom design and automation.
The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andreas Curkovic, Proconsul Capital: 416-577-9927
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: [email protected]
Web Site: www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and “confident” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.