Quote & News
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Recent News & Events
July 1, 2011
Global Water Technologies seeks OTC upgrade
INDIANAPOLIS, July 1, 2011 -- Global Water Technologies announces it has completed and filed its initial disclosure statement and updated its financial information with the OTC Markets for the first time since 2004. As a result, the company has requested an upgrade in its listing tier from "No Information" to "Limited Information" and expects that to take effect next week.
This is a major step forward and it provides the transparency needed to develop new water technology opportunities as a public company, said CEO Erik Hromadka. We believe this will benefit all the company's stakeholders as we execute our business plan in the second half of the year.
According to the OTC Markets, such a move generally results in increased trading activity. For example, they report that "Limited Information" stocks traded more than 20 times the average dollar volume of "No Infomation" securities in 2010. More information is available at: http://www.otcmarkets.com/companies-advisors/upgrade-otc-tier
As previously announced, the company is also moving forward to complete a reverse split on a one for one hundred basis with written consent from a majority of its shareholders.
The company believes the reverse split will benefit both new and existing 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.
The company will continue to provide timely updates on the status of this process over the next 30 days.
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.