OriginClear to acquire Progressive Water Treatment for preferred stock
OriginClear recently announced that it has entered into a definitive agreement to acquire 100 percent of Dallas-based Progressive Water Treatment for preferred stock that may be converted to common stock in three annual increments beginning 12 months from closing.
LOS ANGELES, CA, and DALLAS, TEXAS, Aug. 7, 2015 -- OriginClear Inc., a provider of water treatment solutions, recently announced that it has entered into a definitive agreement to acquire 100 percent of Dallas-based Progressive Water Treatment Inc. (PWT), a provider of water treatment systems and services, for preferred stock that may be converted to common stock in three annual increments beginning 12 months from closing.
Under the agreement, PWT will become a wholly owned subsidiary of OriginClear. This marks the first transaction in OriginClear's corporate strategy to rapidly acquire leading U.S. water treatment companies primarily focused on high-margin services. Management believes this will help OriginClear strengthen its market footprint in the high-growth water treatment industry.
With this transaction underway, OriginClear intends to continue to selectively seek out other companies that focus on customer solutions, not just the sale of its proprietary products. The company is targeting companies with strong management teams and profitable operations to build a national network of water treatment solution providers within a "Family of OriginClear Companies."
Acquired companies are expected to complement each other's market strategies with unique regional and technical concentrations. OriginClear has developed a database of nearly 100 U.S. companies that fit the desired high-margin, high-growth profile.
The closing of the acquisition, as described in the definitive agreement, is subject to certain closing conditions including OriginClear's satisfactory review of the operations and audit of financial and corporate records of PWT. The transaction is expected to close by October 2015.
About OriginClear, Inc.
OriginClear is a 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. For more information, visit www.originclear.com.
About Progressive Water
Progressive Water provides water treatment systems and services for a number of clients throughout the United States and abroad. The company offers a broad range of services including short and long term maintenance, system parts and service, as well as rental equipment for short and long term situations. Further, it provides process systems and services for a wide variety of applications. For more information, visit www.progressivewater.com.