The first payment of $100,000 was made in accordance with a binding investment schedule.
The parties also agreed to launch a China-based joint venture (JV) under which the manufacturer will provide funding, and manufacturing infrastructure, while OCHK will provide technology, concept engineering, and worldwide sales opportunities.
The JV is intended to become the worldwide sole-source manufacturer of packaged Electro Water Separation™ (EWS) systems, sub-systems and accessories, while current and future OriginClear licensees will retain the right to integrate EWS into their own branded systems.
“We plan to work with our new partner to standardize manufacturing for volume distribution of EWS systems into a market hungry for new water solutions,” said Jean-Louis “JL” Kindler, OriginClear chief operating officer, and managing director of the Hong Kong subsidiary. “We are already receiving inquiries for large-scale units to be built in Asian markets before the end of this year and we are confident that our partnership can deliver well-engineered systems on this very short timeline.”
In 2014, the Chinese government announced that it plans to spend 2 trillion yuan, or $330 billion, on an action plan to tackle pollution of its scarce water resources. China has a fifth of the world’s population but just 7 percent of its water.
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About OriginClear Inc.
OriginClear is a leading provider of water treatment solutions and the developer of a breakthrough water cleanup technology serving the rapidly growing $500 billion world market. Through its wholly owned subsidiaries, OriginClear provides systems and services to treat water in a wide range of industries, such as municipal, pharmaceutical, semiconductors, industrial, and oil & gas. To rapidly grow this segment of the business, we strategically acquire profitable and well-managed water treatment companies, which allow us to expand our global market presence and technical expertise. To enable a new era of clean and socially responsible water treatment solutions, we invented Electro Water Separation™, a breakthrough high-speed water cleanup technology using multi-stage electrolysis, that we license worldwide to water treatment equipment manufacturers. Water is our most valuable resource, and the mission of the “Family of OriginClear Companies” is to improve the quality of water and help return it to its original and clear condition. To learn more about OriginClear®, please visit our website at www.originclear.com.
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company’s risk factors is contained in the Company’s quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Chinese Manufacturer To Invest $1.5M in OriginClear’s Hong Kong Subsidiary; Manufacturer acquires minority interest and plans to participate in manufacturing joint venture
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