Business
Sphere 3D Announces Acquisition of Rainmaker Worldwide
Sphere 3D Announces Acquisition of Rainmaker Worldwide.
About this update from Rainmaker Worldwide Inc.
[{"type":"text","content":"Transaction to transform the Company to a Commercial Water-as-a-Service SupplierToronto, Ontario – July 15, 2020 – Sphere 3D Corp. (NASDAQ: ANY) (“Sphere 3D”) today announced that it has entered into a definitive merger agreement pursuant to which it will acquire all of the outstanding securities of Rainmaker Worldwide Inc. (OTC: RAKR) (“Rainmaker”), a global Water-as-a-Service (WaaS) provider. Upon closing, Sphere 3D’s name will change to Rainmaker Worldwide Inc., and its business model will focus on Water-as-a-Service. Rainmaker management will assume leadership of the combined entity.Sphere 3D CEO Peter Tassiopoulos stated, “This is a transformative transaction that enables our shareholders to participate in a growing multi-trillion-dollar global water market. It begins an exciting new chapter for stakeholders of both companies. I look forward to seeing significant growth under the leadership of Rainmaker’s skilled and experienced management team.”On a global basis, more than a quarter of the world’s population – about 2.1 billion people – lack access to clean water, according to a report released by the World Health Organization and UNICEF. In the United States, a 2017 report card from the American Society of Civil Engineers gave the nation’s drinking-water infrastructure a rating of D, and assessed that “the U.S. needs to invest $1 trillion in the next 25 years for upgrades”. In addition, an article in The Hill stated “The United States is on the verge of a national crisis that could mean the end of clean, cheap water. Hundreds of cities and towns are at risk of sudden and severe shortages, either because available water is not safe to drink or because there simply isn’t enough of it. The situation has grown so dire the U.S. Office of the Director of National Intelligence now ranks water scarcity as a major threat to national security alongside terrorism.”Rainmaker supplies water to customers using two categories of its proprietary and novel technology: Air-to-Water (“AW”), which harvests fresh water from airborne humidity; and Water-to-Water (“WW”), which transforms seawater or polluted water into drinking water. Because of the operating efficiency of its technologies, Rainmaker can provide customers with clean water at a cost competitive with – or better than – traditional solutions in a frac...