Business
Rainmaker Worldwide Expands its Water-as-a-Service Business Following the Termination of Share Purchase Agreement with Sphere 3D Corp.
Rainmaker Worldwide Expands its Water-as-a-Service Business Following the Termination of Share Purchase Agreement with Sphere 3D Corp..
About this update from Rainmaker Worldwide Inc.
[{"type":"text","content":"\n RAKR prepares to list on the OTCQB® as it explores a greater range of clean water solutions. Peterborough, CA, Feb. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc. (OTC: RAKR) (“Company” or “Rainmaker”) announced today that the previously announced definitive Share Purchase Agreement (“the Agreement”) with Sphere 3D Corp. (NASDAQ: ANY) for the acquisition of Rainmaker Holland BV, a wholly owned subsidiary of RAKR, has been terminated. Despite both parties’ best efforts, it became apparent that all requirements, including regulatory approvals could not be completed within the timeline acceptable to both parties. No break-fee or termination costs were paid by either party. Effective immediately, Rainmaker is expanding its Water-as-a-Service (WaaS) offering by exploring a wider spectrum of clean water solutions to fulfill its active WaaS contracts and bring more projects in its pipeline to fruition. Rainmaker transitioned to a WaaS business model in January 2020 and customers now receive a competitive per liter cost with no CAPEX or operational burdens, lifting the financial barriers many clients have discovered when vetting alternative options. The Company’s new WaaS model has proven to secure several client and joint venture agreements this past year including a bottling operation in The Bahamas, an on-site water production at Jamaica’s Northern Caribbean University, and supplying water solutions to three large Turks and Caicos Islands’ community developments which will be executed in cooperation with Sphere 3D. These commitments, along with others both current and forecasted, drive Rainmaker to continually evolve and source new and innovative water solutions that will provide safe water to more water scarce regions around the world. “Over 2 billion people globally lack safe drinking water,” said Rainmaker CEO Michael O’Connor. “And estimates show that by 2030, nearly 50 percent of the world’s population will live in severe water stress. After witnessing the furthering detrimental effects the pandemic has had on global water security, Rainmaker’s commitment to provide a greater range of fresh water solutions through our WaaS model is stronger now more than ever.” As ...