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Water Technologies International, Inc. Signs Letter of Intent to Acquire Orchard 79 a Residential Community with 87 Single Family Homes to Bolster its Balance Sheet with its Preferred Shares
Water Technologies International, Inc. Signs Letter of Intent to Acquire Orchard 79 a Residential Community with 87 Single Family Homes to Bolster its Balance Sheet with its Preferred Shares.
About this update from Water Technologies International,inc.
[{"type":"text","content":"Water Technologies Looks to Bolster its Balance Sheet by acquiring 51% of an Estimated 40 Million Dollar Residential Community. The Homes will be Rented with a Projected Two Million Dollar Gross Annual Rental income.PORT ST. LUCIE, FL / ACCESSWIRE / February 15, 2024 / Water Technologies International, Inc. (OTC Markets Pink Sheets:WTII - News) the leader in the technology in atmospheric water generator's production and design and water treatment, announced today, the letter of intent to acquire a 51% interest in Orchard 79, LLC., a 87 home community of single family homes that will generate approximately $2 Million dollars in revenue per annum. Water Technologies will issue new Preferred Series E shares for newly issues ownership in the real estate project.The Orchard 79 community is several months away from completion and has completed 52 homes so far. Orchard 79, LLC., will seek permanent financing of approximately $25 million dollars, leaving significant equity in the project. The Parties are in the stages of reaching a definitive agreement and expect to complete the transaction in the next thirty days. Orchard 79 will have an option of a spin out to a real-estate public company, or a REIT after an agreed upon time frame.Water Technologies, Inc.'s CEO, William Scott Tudor, said, "I believe this what Water Technologies needs, is a solid asset with predictable revenue to bolster our balance sheet. Real estate in California continues to appreciate and demand for leasing single family homes is solid as the prices continue to rise. I believe this will aid in additional acquisitions of a similar revenue generating assets."Orchard 79, LLC.,'s President, Dan Bailey, said "I am extremely excited to join the public company realm, this gives me the opportunity to expand the valuation of Orchard 79. I look forward to working with Water Technologies as a public company. I can see how this new relationship will open new doors for this development and possibly other communities we are developing."Tequila Dios Azul LOI update.The Letter of Intent between Water Technologies and Tequila Dios Azul. LLC., has expired as of December 31st, 2023. The Companies did not come to a final definitive agreement. Dios Azul Tequila continues to expand its product distribution capabilities.A video showing the proof-of-concept prototype i...