Business
Sphere 3D Enters Agreement for Acquisition of a Commercial Water-as-a-Service Supplier
Toronto, Ontario--(Newsfile Corp. - August 4, 2020) - Sphere 3D Corporation (NASDAQ: ANY) ("Sphere 3D" or the "Company") today announced that it has entered
About this update from Sphere 3d Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - August 4, 2020) - Sphere 3D Corporation (NASDAQ: ANY) (\"Sphere 3D\" or the \"Company\") today announced that it has entered into an agreement to acquire 100% of the outstanding shares of 101250 Investment Limited. (\"101250\"), a Turks and Caicos Islands water partner of Rainmaker Worldwide Inc. (OTC: RAKR).\n101250 has exclusive rights to deliver the Rainmaker water solution to three island communities - Plantation Hills, Blue Sky and Village Estates (the \"Developments\"). 101250 owns 75% of a joint venture which plans to supply a minimum of 180,000L of water per day to service residents of the Developments. It is anticipated that annual revenue will be in excess of $5 million upon full occupancy and deployment.\n101250 Investment Limited President Dale Peters stated, \"We selected Rainmaker's solutions because of their commitment to renewable energy and maintaining a small carbon footprint. The Plantation Hills, Blue Sky and Village Estates developments have a focus on being constructed in an environmentally sustainable way and Rainmaker's clear focus on cost-effective sustainable technology meets that standard.\"\nSphere 3D's CEO Peter Tassiopoulos stated, \"The agreement to supply water to end users through agreements with developers is an example of how the Rainmaker technology provides new business models in the water business. We believe it was important to complete this transaction now and assist in the deployment and expansion of these opportunities in the Water-as-a-Service segment.\"\nTransaction Details\nUnder the terms of the purchase agreement, Sphere 3D shall issue 480,000 common shares to the vendors of 101250 (the \"Payment Shares\"), subject to regulatory and NASDAQ approvals. All such Payment Shares shall contain an appropriate legend, either statutory or contractual, which will restrict the resale of the Payment Shares for a period of six months and one day from the closing date. In addition, Sphere 3D shall holdback and retain 96,000 of the Payment Shares for a six-month period from the closing date in support of any breaches of representations and warranties by 101250 under the purchase agreement.\nAbout Sphere 3D\nSphere 3D Corp. (NASDAQ: ANY) delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations...