Progressive Water Treatment’s revenue performance continues into 2018
Los Angeles, CA – May 15, 2018 – OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, today issued preliminary guidance that revenue for the three months ended March 31, 2018 for its Dallas-based subsidiary, Progressive Water Treatment (PWT), increased by 87 percent to an estimated $1,238,000 vs $662,130 for the same period last year.
With forecasted revenue for the second quarter on a continued growth trend, the company believes that PWT is positioned for a record year.
“We have had an extremely busy first quarter. We are now poised for even more growth and a strong 2018,” said Marc Stevens, President of the Progressive Water Treatment subsidiary.
“The earlier industry downturn created opportunities for us, in that we are recruiting real performers,” said Bill Charneski, President of OriginClear Group. “PWT hired water industry veteran Ronnie Garcia, who brought specific projects in the food and beverage market and the oil markets. This type of internal acquisition is extremely promising and we will continue to look for such opportunities.”
As previously announced, the company believes that the 2016 U.S. Presidential election created uncertainties as to funding for water treatment, regulatory burdens and the health of the economy. Prior to the election, PWT found that many customers were putting their water treatment projects on hold. Even after the post-election period, the outlook remained uncertain; and it was not until mid-2017 that orders picked up. That trend of increased revenue continues in 2018.
The foregoing information reflects our estimate based on currently available information which is preliminary and unaudited, is not a comprehensive statement of our financial results and is subject to completion of our financial closing procedures. Our final results that will be issued upon completion of our closing procedures may vary from these preliminary estimates.