Current Water Technologies Inc. (WATR.V) was initiated a year ago. WATR.V (formerly Enpar Technologies Inc.-ENP.V), uses an electro-chemical process to purify water, primarily through a) An electrostatic discharge (ESD) and b) AmmEL which converts ammonia into environmentally friendly nitrogen.
ENP.V has multiple patents and recognized by Global Water Intelligence as a Key Emerging Technology in 2017.
Since our last note the following releases were issued.
Mar. 13 -Receives Milestone Payment of $0.425M From Chemsbro. To date, WATR.V has received a total of CAD $1,4M toward the purchase of the ESD 900K system. The final payment of approximately CAD $0.40M will be received immediately prior to shipping the system.
WATR.V expects the system to be shipped this summer, with installation and commissioning to take place in Fall 2018. The system will be installed at an industrial site located near the city of Jeddah, which is situated in western KSA on the shore of the Red Sea.
Apr. 2 - Appoints Bertan Ataly as CFO and Director. WATR.V granted Mr. Atalay with 0.75M options at $0.20 for a 5-year term.
Apr. 23 - Ammonia Treatment Demonstration at Gold Mining Operation in Central Canada. WATR.V received a contract to install and demonstrate its patented ammonia treatment system at an active mining site in Central Canada.
Apr. 26 -Integration of Pumptronics Completed. Transfer of Pumptronics to WATR.V's facility in Guelph, ON. WATR,V has leased an additional 10,000 sq. ft unit immediately adjacent to its existing office and manufacturing space. $0.80M pipeline of new sales and service contracts.
Apr. 30 - Options 0.5M to two consultant for five years. Options granted at $0.15 cents for 5 years.
Also announced is the resignation of Bernard Gillery from WATR.V's Board of Directors.
May 14 - Joins China Trade Mission Sponsored by Canada China Trade Innovation Alliance (CCTIA). WATR.V will exhibit at the trade show and participate in scheduled match-making activities with related Chinese corporations.
Jun 1 - Completes Successful Ammonia Treatment Demonstration at Gold Mining Operation. This follows successful demonstration projects previously conducted within the Abitibi Mining Region and in Western Canada.
The versatile, state-of-the-art AmmEL demonstration scale unit treated approximately 4 m3 per hour of mine wastewater effluent containing ammonia levels ranging from 40-50 mg/L. The system effectively maintained the ammonia level in the treated water below the required level of 10 mg/L at inlet wastewater temperatures ranging from 3-6 C.
As part of the next step, WATR.V is invited by the industry partner to participate in a "Brain Storming Session" in late June.
The current trend in stock price seems surely not indicative of the milestone achieved by WATR.V in the last three months. The mining demonstrations, selection to the CCTIA, along with the full Pumptronics integration are not what we consider as headwinds. All theses comes on the heels of the advancement of the Chembro project in Saudi Arabia.
Analysis of trading transactions between March 9 and June 9 reveals the following;
Integral Wealth, Mackie, and Leede Jones Gable have certainly been active on the bids, while Anonymous on the ask. In fact, there was a total of 20M shares traded for the period and more than 8M were sold from Anonymous. Also Level 2 is certainly very thin on the ask.
As evidence by recent milestones, WATR.V is tapped for bigger things, but valuation has clearly been watered down.
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