OriginClear Inc. (OTC Other: OCLN), the Clean Water Innovation Hub™, announces that it recently merged its subsidiaries, Water On Demand™ Inc. (WODI) and Progressive Water Treatment Inc. (PWT). The consolidation, which was approved by WODI shareholders, is intended to create better enterprise value for a potential merger opportunity with Fortune Rise Acquisition Corporation (NASDAQ: FRLA), as OCLN announced in January: https://www.originclear.com/company-news/originclears-water-on-demand-subsidiary-signs-letter-of-intent-to-merge-with-fortune-rise-acquisition-corporation.
In April, OriginClear transferred its Modular Water Systems division to WODI. Including PWT, combined revenues for 2022 were $10,376,573, compared with $4,143,744 in 2021, a 250% increase, with a similar increase in gross profits.
“By consolidating our powerhouse Progressive Water Treatment division with Water On Demand and Modular Water, we believe we have created outstanding enterprise value,” said Riggs Eckelberry, OriginClear CEO. “In addition, PWT has a 25-year operating history, which is invaluable in establishing credentials for this dynamic new venture.”
Eckelberry continued, “We believe we have created the ideal intersection of a highly disruptive water-as-a-service business model in Water On Demand, with a scalable technology in Modular Water Systems, and now, in Progressive Water Treatment, a veteran engineering solutions company that routinely services some of America’s greatest businesses as they increasingly take responsibility for their own effluents.”
“OriginClear has retained a commanding percentage of the new combined company,” said Eckelberry. “Our longtime shareholders can confidently expect that the parent company will continue to benefit greatly from any positive outcomes of this new, consolidated company, which due to its senior operating history, will adopt the name of Progressive Water Treatment, Inc.”