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Recent News & Events
June 27, 2011
Global Water Technologies provides shareholder update
INDIANAPOLIS, June 27, 2011 -- Global Water Technologies announces it has completed an update of its financial information and is preparing to apply for an upgraded status on the OTC Markets along with a reverse split of its stock to provide better access to capital markets.
During the past two years, the company took the difficult steps needed to survive the economic downturn, maintain its operations and create a stable platform that allows investors to connect with new water technologies, said CEO Erik Hromadka. As we approach the end of the second quarter, we are pleased to announce several significant steps to complete this process.
2009 and 2010 financial update
As reported previously, the company has engaged a CPA to maintain its books. As a result, financial information for 2009 and 2010 has also been compiled by an outside accounting firm and is now available at www.gwtr.com/2010financials.pdf.
In a separate Management Discussion and Analysis, the company reviews the financial information and makes note that a conservative approach has been taken in valuations for intellectual property, net operating loss carryforwards and other items. That management report is available at www.gwtr.com/2010mdaa.pdf.
OTC Markets upgrade
With the release of financials for the first time since emerging from bankruptcy in 2004, the company believes it is now in a position to move from a status of No Information on the OTC Markets to a status of Limited Information.
The Company expects to request that higher status by June 30. According to the OTC Markets, such a move generally results in increased trading activity. More information is available at: http://www.otcmarkets.com/companies-advisors/upgrade-otc-tier
As noted in its first quarter update, the company has been exploring additional funding for new projects that may result in the issuance of additional shares and a move to restructure the existing shares so they are not trading in fractions of a penny.
The board expects to have written consent from a majority of its shareholders to complete a reverse split on a one for one hundred basis. Accordingly, a board meeting has been scheduled to make such a request to the Financial Industry Regulatory Authority (FINRA) and the company's transfer agent. The company will provide timely updates on the status of this process over the next 30 days.
The company believes the reverse split will benefit all shareholders by improving the company's visibility to capital markets, increasing investor interest and providing better access to funding opportunities on favorable terms. The company has also been advised that many brokers will no longer perform trades in stocks at less that $0.001.
All three of these steps have been planned carefully to provide the best opportunities for both new and existing shareholders, Hromadka said. We have also taken steps to develop new opportunities for the company and expect to announce progress on those in the coming months.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.