Consolidation intended to reinforce the value in potential merger transaction
Clearwater, FL – September 26, 2023 – OriginClear Inc. (OTC Other: OCLN), the Clean Water Innovation Hub™, announces that it recently merged its subsidiaries, Water On Demand™ Inc. (WODI) and Progressive Water Treatment Inc. (PWT). The consolidation, which was approved by WODI shareholders, is intended to create better enterprise value for a potential merger opportunity with Fortune Rise Acquisition Corporation (NASDAQ: FRLA), as OCLN announced in January: https://www.originclear.com/company-news/originclears-water-on-demand-subsidiary-signs-letter-of-intent-to-merge-with-fortune-rise-acquisition-corporation.
In April, OriginClear transferred its Modular Water Systems division to WODI. Including PWT, combined revenues for 2022 were $10,376,573, compared with $4,143,744 in 2021, a 250% increase, with a similar increase in gross profits.
“By consolidating our powerhouse Progressive Water Treatment division with Water On Demand and Modular Water, we believe we have created outstanding enterprise value,” said Riggs Eckelberry, OriginClear CEO. “In addition, PWT has a 25-year operating history, which is invaluable in establishing credentials for this dynamic new venture.”
Eckelberry continued, “We believe we have created the ideal intersection of a highly disruptive water-as-a-service business model in Water On Demand, with a scalable technology in Modular Water Systems, and now, in Progressive Water Treatment, a veteran engineering solutions company that routinely services some of America’s greatest businesses as they increasingly take responsibility for their own effluents.”
“OriginClear has retained a commanding percentage of the new combined company,” said Eckelberry. “Our longtime shareholders can confidently expect that the parent company will continue to benefit greatly from any positive outcomes of this new, consolidated company, which due to its senior operating history, will adopt the name of Progressive Water Treatment, Inc.”
About Fortune Rise Acquisition Corporation (FRLA)
FRLA is a blank check company incorporated in February 2021 as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
FRLA is a "shell company" as defined under the Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. FRLA will not generate any operating revenues until after the completion of its initial business combination, at the earliest. To date, FRLA’s efforts have been limited to organizational activities and activities related to its initial public offering as well as the search for a prospective business combination target.
Once a government monopoly, clean water is going private. Local industries and communities are now treating and recycling their own water, helping to reduce the burden on municipal systems and save on fast-rising water rates while also responding to the challenge of climate change. That’s good for business and good for sustainability, and now the innovative fintech, Water On Demand™, is fueling this movement. For the first time, Clean Water is becoming an investable asset, open to Main Street investors, with the potential for generational royalties. OriginClear® is the Clean Water Innovation Hub™ for both Water On Demand and Modular Water Systems™ – a leader in onsite, prefabricated systems made with sophisticated materials that can last decades. Get live weekly updates every Thursday by signing up at www.originclear.com/ceo.
For more information, visit the company’s website: https://www.originclear.com/
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