Clean water technologies terminates merger plans
Clean Water Technologies, Inc. (OTC Bulletin Board: CWTI) announced today that they are no longer in merger negotiations with the Chinese pharmaceutical company originally targeted. CWTI management previously made due diligence trips to China in January and again in March to discuss a potential business combination.
TARPON SPRINGS, Fla., June 1, 2004, (PRNewswire)-- Clean Water Technologies, Inc. (OTC Bulletin Board: CWTI) announced today that they are no longer in merger negotiations with the Chinese pharmaceutical company originally targeted. CWTI management previously made due diligence trips to China in January and again in March to discuss a potential business combination.
"We are disappointed that we will not be moving forward with the acquisition," stated President Laurie C. Scala. "However, we are regularly approached by investment bankers and private companies, and will continue to pursue other opportunities," she concluded.
Clean Water is the exclusive licensee for a patented technology (U.S. patent # 6,042,731) that removes arsenic from drinking water, invented at the University of South Florida. The company receives royalties on the process from their sublicensee, International Water Purification Technologies, LLC.
Safe Harbor Statement under the Private Securities Litigation Act of 1995
With the exception of historical information, the matters discussed in this release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of CWTI could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability of CWTI to complete an acquisition or merger.
