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.”