OriginClear Expresses Satisfaction with Growth of New Modular Division
Modular Water is “Basis of Design” on 20 out of 21 current or prospective contracts.
Los Angeles, CA – October 23, 2018 – OriginClear Inc. (OTC: OCLN), a leading provider of water treatment solutions, reported today that the Board expressed satisfaction with the performance of its new operating division, Modular Water Systems (MWS) (www.modularwater.com). Launched in late June of 2018, the division has performed accurately to its forecasts.
As previously reported, MWS received its first order, totaling about $60,000, within one month of launch. In September, initial payments were received on two systems, for an additional $190,000.
Based on forecasts, the company believes that the Company will receive approximately $1 million in purchase orders from the MWS division for the three months ending 31 December 2018.
The company’s expectation is reinforced by the fact that MWS is “Basis of Design” on 20 out of 21 current or projected contracts.
“Basis of Design means we are the final and preferred technical solution,” said Daniel M. Early, P.E., President of Modular Water Systems. “This provides a high degree of confidence that we will be successful in executing a contract and delivering a product to our customers.”
“Dan Early came to us with a portfolio of patents and a list of prospective customers,” said Riggs Eckelberry, CEO of OriginClear. “We established MWS around him, with a support staff, and design and fabrication support from our Dallas subsidiary, Progressive Water Treatment.
“We believe that MWS will continue to grow into the first quarter of 2019,” concluded Eckelberry.
MWS purchase orders usually consist of a 50% deposit, with 50% due on shipment. Cost of Goods is in the range of 50%.
OriginClear cautions that the foregoing forecast for the quarter in progress is for received purchase orders only, and that Revenue Recognition of such orders is not expected within this same period; accordingly there cannot be any assurance that the Company will realize such revenue from the bookings.
