Rainmaker Worldwide Announces Agreement for $4.7 Million Sale of Preferred Shares
New capital
raise will transition Rainmaker from decade of R&D to an innovative
Water-as-a-Service Provider
Peterborough, Ontario - (NewMediaWire) - May 21, 2020 - Rainmaker Worldwide Inc. (OTC: RAKR) announced the signing
today of an agreement for the sale of $4.7 million in preferred
shares with a new investment group led by Aris Kekedjian, former Chief
Investment Officer of The General Electric Company (GE). After a decade of
R&D and product testing, this sale will provide Rainmaker initial capital
to enter the commercial water market as an innovative Water-as-a-Service
provider. Closing of the financing is expected in the third quarter and is
subject to certain closing conditions.
Kekedjian
joined Rainmaker as a Strategic Advisor in January and has been instrumental in
evolving Rainmaker’s business plan to scale its disruptive technology platforms
to provide water solutions around the world. He commented, “The WHO estimates
that inadequate water supply and sanitation costs the global economy over $250B
a year and an estimated $7-10 trillion is required to upgrade, maintain and
build water infrastructure. Rainmaker’s distributed, scalable, cost-effective
and sustainable solutions are well-positioned to address these human challenges
while presenting a significant opportunity for investors.”
Rainmaker
has identified multiple subsectors of the water industry that are grossly
underserved, require complex solutions, or cost-effective alternatives. These
include solutions for islands, arid environments and remote communities, as
well as highly effective applications in military, humanitarian and emergency
management situations. The company offers economically attractive
industrial applications in agriculture, natural resources, food & beverage,
healthcare and commercial development.
Rainmaker
CEO Michael Skinner stated, “This raise led by Mr. Kekedjian will provide the
initial capital required for commercialization and to execute on our current
project pipeline. The water market is long overdue for a versatile, scalable,
cost-effective and sustainable clean water solution, and Rainmaker’s technology
and Water-as-a-Service model is ready to supply it.”
About
Rainmaker Worldwide
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in technology for the production of clean, affordable water. Headquartered in Peterborough, Canada, with an innovation and manufacturing center in Rotterdam, Netherlands, the Company’s patented water technology provides economical drinking water at scale wherever it’s needed. Rainmaker’s goal is to be a global leader in solving the worldwide water crisis. For more information about Rainmaker, visit www.rainmakerww.com.
Investor
Contacts
Rainmaker
Worldwide Inc.
Michael Skinner
+1 (705) 201-1020
info@rainmakerww.com
The
Blueshirt Group
Whitney Kukulka, Managing Director
+1 (415) 489-2188
investors@rainmakerww.com