Business
Memorandum of Understanding With Miranda Water Treatment Systems and Rainmaker Worldwide Inc. Extended
Memorandum of Understanding With Miranda Water Treatment Systems and Rainmaker Worldwide Inc. Extended.
About this update from Rainmaker Worldwide Inc.
[{"type":"text","content":"\n PETERBOROUGH, Ontario & ANKARA, Turkey, March 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR) (the \"Company\" or \"Rainmaker\" or \"RAKR\") and Miranda Water Treatment Systems (\"MWTS\") have expanded the previously signed Memorandum of Understanding (MOU October 5, 2022) to include a financing partner to formalize the integration of the three parties at both the strategic and operating levels. “This step allows for the parties to commit to a transaction that will coordinate resources, and that will align MWTS with RAKR to better serve global water and wastewater treatment needs,” stated Bulent Hatay, CEO of MWTS. “Miranda has installations in more than 35 countries and growing. RAKR will use its global scope and synergy and its portfolio of water products to expand the collective market of the companies. We look forward to our continuing collaboration with RAKR to get our technology in the hands of people who truly benefit from it. With the addition of a strong and strategic financial partner this reach will be extended even further.” RAKR has now built a financial consortium to affect the purchase of reciprocal stakes between the companies which RAKR believes could result in a material enhancement to Rainmaker’s financial performance. The individual operating entities will continue business as usual and should be in a period of rapid expansion. The management of RAKR continues to believe that this could 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. Since the original signing of the MOU we have been working hard, hand in hand, to develop projects in areas where Miranda has yet to develop. We look forward to announcing these projects in the near future where both of our technologies are used in tandem.” Following a site visit to Miranda’s newly commissioned installation in Sturgis, South Dakota, the parties will decide on next steps if they unanimously agree to proceed. 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 ...