Rainmaker Worldwide Removes $775,000 in Outstanding Promissory Notes, Loans and Debt Owed to Current and Past Management Team
RAKR continues its restructuring including preparations to list on the OTCQB® and re-constituting a world-class Board of Directors.
Peterborough, Ontario - (NewMediaWire) - March 11, 2021 - Rainmaker Worldwide Inc. (OTC: RAKR) (“Company” or “Rainmaker”) announced today that as part of a previously announced effort to facilitate financial restructuring, the Company has removed approximately $775,000 in outstanding promissory notes, loans and debt that was owed to past and present executives including current Chairman and CEO Michael O’Connor. The outstanding loans have been converted to restricted shares of Rainmaker at USD 0.09.
Mr. O’Connor, who assumed the role as CEO in January, will continue to oversee the strategic restructuring of RAKR’s organization that began in early 2020. Last year, Rainmaker transitioned to a Water-as-a-Service (“WaaS”) business model from a product sales focus to allow customers to receive a competitive per liter cost with no CAPEX or operational burdens. Under Mr. O’Connor’s leadership, Rainmaker is now restructuring the balance sheet and re-constituting an independent and world-class Board of Directors to maximize the ability to raise future investments to continue pursuing WaaS projects globally.
Rainmaker’s reorganization is in the process of fulfilling the regulatory standards to list on the OTCQB®, providing a tremendous opportunity to engage new shareholders who see both the financial and philanthropic value in welcoming Rainmaker’s sustainable and affordable water solutions into their investment portfolios.
Currently our planet is experiencing an escalating water crisis that not only affects historically water scarce countries, but is now seeping into the American backyard. “Approximately one million Californians are exposed to unsafe drinking water each year,” said Mr. O’Connor, “and we are seeing large water deficits all across the United States. Shortages could occur in as many as 83 basins as early as 2021.”
Committed to fulfilling the Company’s mission to provide economical, scalable and environmentally sustainable water solutions, Mr. O’Connor’s number one priority through the restructuring process has always been Rainmaker’s existing WaaS and joint venture agreements including in The Bahamas, at Jamaica’s Northern Caribbean University, and in Turks and Caicos. This commitment is complemented by a fierce dedication to pursue more opportunities to help more regions across the globe obtain reliable and affordable clean water, including exploring new sustainable and efficient water solutions.
Mr. O’Connor said, “Rainmaker has always been committed to achieving the lowest price per liter while remaining sustainable and ethical in practice. We are also continually re-evaluating how we can provide the most attractive investment to our shareholders. Converting Rainmaker’s outstanding loans to restricted shares brings us closer to listing on the OTCQB® which will open possibilities to gain new investors who want to help us deliver greater water security worldwide.”
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in affordable water solutions through a Water-as-a-Service business model. Headquartered in Peterborough, Canada, with an innovation and manufacturing center in Rotterdam, Netherlands, the Company provides economical drinking water at scale wherever it’s needed. Rainmaker was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For more information about Rainmaker, visit .
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of Rainmaker’s business, potential distribution partnerships and/or clients, and related business strategy. Such statements estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time-to-time. Rainmaker’s undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Rainmaker Worldwide Inc.
Executive Chairman and Chief Executive Officer