GUELPH, Ontario, April 30, 2024 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation"), is pleased to announce the release of its 2023 Audited Financial Statements (December 31 year-end) showing a trend of growing revenue and significant net earnings.
Revenue for 2023 was $3,043,895, an increase of 41% year over year. Net earnings for 2023 was $444,152, as compared to a loss of $1,052,777 in 2022.
Dr. Gene Shelp, CEO, said, "We believe the 2023 results represent an important benchmark for continuing corporate success in 2024/2025. CWTI is engaged with respected leaders in North America, Europe and Australia in the municipal waste water and industrial process water/waste water treatment sectors, including agriculture/biogas, aquaculture, fertilizer, oil and gas, and mining. The Company is currently transitioning from successful preliminary testing of its leading edge technologies for the treatment of waste water for the production of high purity hydrogen to on-site demonstration-scale projects, which should lead to the sale of commercial installations.
"Finally, following the disruptions of the COVID-19 pandemic, the costs and lead times for procuring electronic components have significantly increased. In response, CWTI has made substantial progress in developing its own proprietary electronic control systems to operate its equipment. These new systems feature custom PCB boards, tailored control programming logic, and advanced online monitoring and control capabilities. The adoption of these innovations is expected to considerably reduce both costs and lead times for delivering new equipment to clients."
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:
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: gshelp@currentwatertechnologies.com
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.
