Current Water Announces Third Quarter 2024 Financial Results

/EIN News/ -- GUELPH, Ontario, Dec. 01, 2024 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation"), released its financial results for the three months ended September 30, 2024. A copy of the Company’s interim consolidated financial statements and the corresponding management discussion and analysis (MD&A) are available under the Company’s profile on www.sedarplus.ca. Unless otherwise stated, all dollar amounts are expressed in Canadian dollars.

Third quarter 2024 financial highlights

• Revenue was $430,871 compared with $853,908 for the corresponding period in 2023.
• Operating expenses were $747,275, compared with $651,516 for the corresponding period in 2023.
• Net Earnings were ($316,405) , compared with $202,392 for the corresponding period in 2023.
• Revenue for the nine months ended September 30, 2024 was $1,780,674, compared with $2,547,980 for the corresponding period in 2023.
• Operating expenses for the nine months ended September, 2024 were $2,035,986 compared with $1,880,183 for the corresponding period in 2023.
  

CWTI is currently transitioning from a service-based revenue model to a capital sales/service-based model.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

About Current Water Technologies Inc.

Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated operates as a division of the Company and continue to function as an integrated pump station manufacturer specializing in custom design and automation.

The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO

Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: gshelp@currentwatertechnologies.com
Web Site: www.currentwatertechnologies.com

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.