OriginClear Announces Close To Six Times Revenue Increase in 2015
Progressive Water Treatment Acquisition in Q4 Increases total 2015 revenue to about $1 Million.
Los Angeles, CA – April 5, 2016 – OriginClear Inc. (OTC/QB: OOIL), a leading provider of water treatment solutions, today announced that its annual 10-K filing revealed that overall revenue had increased by nearly six times, year over year, to $954,470 (from $166,195). The fourth quarter contribution from its October 1, 2015 acquisition, Progressive Water Treatment (PWT), was $773,699.
PWT generated revenue of $5,335,506 of which $4,831,788 was recognized in 2015, with the balance of $503,718 expected to be recognized in 2016.
While most of the good news came from PWT in 2015, the OriginClear Technologies division did well too, securing a joint venture licensing agreement totaling $1,000,000, of which $150,000 was received in 2015 (but not yet recognized) with an $850,000 balance expected in the first half of 2016.
“We feel we are at a turning point in the company,” said Riggs Eckelberry, OriginClear CEO. “Not only did our technology division begin to generate income, the division expects to be self-sustaining in 2016. And we are very happy that our acquisition policy is already generating tangible revenues.”
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 release, 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, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. 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: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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