Cavitation Technologies, Inc. Announces Completion of Equity Financing of $ 1,500,000 to Improve and Accelerate Commercialization of its Produced Water Treatment Technology in the Permian Basin
CHATSWORTH, CA, July 19, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Cavitation Technologies, Inc. (CVAT and / or “the Company”). (OTCQB: CVAT) (BERLIN: WTC) announced that the Company has completed a financing of $ 1,500,000 through the sale of approximately 23 million units. Each unit consists of 1 common share and 1 warrant that can be exercised at $ 0.09 per share for a period of 5 years. The unit price represents a premium of approximately 10% over the 10-day average closing market price at the time of the placement. The units were sold primarily to a group of existing shareholders of the Company.
The Company’s heavily patented technology is used in conjunction with processes developed by its joint venture partner, which is an established and innovative supplier of water resources to the Permian Basin oil and gas industry. The joint venture known as Enviro Watertek LLC (“Enviro Watertek”) comprises high-flow, portable, chemical-free closed-loop systems that treat produced water and allow it to be recycled in the fracturing of additional wells. The process offers oil and gas producers a low-cost, more environmentally friendly approach to treating the brackish water produced, while reducing industry reliance on scarce freshwater resources. .
Neil Voloshin, CFO / COO, commented, “This offering will allow our company to provide financing to the joint venture to both accelerate the commercialization and increase Cavitation’s pro-rated participation in this commercialization. Along with rising oil prices, drilling activity in the Permian Basin is picking up, which we believe will provide significant opportunities for Enviro Watertek’s innovative systems and, consequently, Cavitation’s results. Mr. Volochine also noted, “We would like to thank our investors for their confidence in these emerging initiatives and their corresponding investment in Cavitation Technologies, Inc. Although we have avoided dilution of equity financings over the past seven years, we I believe this opportunity deserves the use of our currency to help make it happen. “
About Cavitation Technologies, Inc.
Founded in 2007, the company designs and manufactures innovative continuous flow devices and systems, and develops processing technologies for use in the refining of edible oils, the production of renewable fuels, the treatment of water and the improvement of alcoholic beverages. The company’s patented Nano Reactor® systems and various technologies have more than 40 issued and registered patents both at home and abroad.
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About Enviro Watertek, LLC
Enviro Watertek LLC is a Jal, New Mexico-based water company engaged in environmentally clean water sanitation. Water management has always been a vital step in the development and production of oil / gas resources. The importance of clean water has increased dramatically with the emergence of large-scale development of shale resources for oil and gas production.
Fracking requires large volumes of water to enter the well (volumes vary, but typical jobs are often in the range of 750,000 to 1.2 million barrels). For more information on the business and technology of the company, please visit:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In certain cases, forward-looking statements may be identified by words such as “may”, “should”, “possible”, “continue”, “” expects “,” anticipates “,” intends “,” anticipates “,” believes “,” estimates “and similar expressions such as” In conjunction with the rise in oil prices, the Drilling activity in the Permian Basin resumes, which we believe will provide a significant opportunity for Enviro Watertek’s innovative systems, and in turn Cavitation’s bottom line ”. These forward-looking statements are based in large part on the expectations of the Company and are subject to a number of risks and uncertainties, some of which are beyond the control of the Company. Actual results could differ materially from these forward-looking statements due to various factors, including the state of the economy, the competitive environment and our ability to operate as expected and other factors described in our most recent Form 10. -K and our other documents filed with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this press release will occur or prove to be correct. The information contained in this press release is provided only as of the date of this press release, and we do not undertake to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless the law requires it.
Cavitation Technologies, Inc.