Current Water Inc. Announces Positive Forward-Looking Financial Results for 2023


GUELPH, Ontario, April 30, 2024 (GLOBE NEWSWIRE) — Current Water Technologies Inc. (TSX-V: WATR) (“CWTI” or”company” or”company”), is pleased to announce the release of the 2023 audited financial statements (as of December 31), showing a trend of significant growth in revenue and net profit.

Revenue in 2023 will be US$3,043,895, an annual increase of 41%. Net profit in 2023 was $444,152, compared with a loss of $1,052,777 in 2022.

CEO Dr. Gene Shelp said: “We believe our 2023 results are an important benchmark for the company's continued success in 2024/2025. CWTI has strong relationships with the municipal wastewater and industrial process water/wastewater treatment sectors in North America, Europe and Australia (including agriculture/biogas, Working with respected leaders in aquaculture, fertilizers, oil and gas, and mining, the company is currently transitioning from successful initial testing of its leading technology for treating wastewater to produce high-purity hydrogen to field demonstration-scale projects. Will result in sales of commercial units.

Finally, in the wake of the disruptions of the COVID-19 pandemic, the cost and delivery time of sourcing electronic components has increased significantly. To this end, CWTI has made substantial progress in developing its own proprietary electronic control system to operate its equipment. These new systems feature customized PCB boards, customized control program logic, and advanced online monitoring and control capabilities. Adoption of these innovations is expected to significantly reduce the cost and lead time of delivering new equipment to customers.

Neither 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.

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About Current Water Technologies

Current water technology is a technology company applying its patented and proprietary electrochemical technology to treat wastewater contaminated with metals or nutrients (i.e. nitrates/ammonia associated with mining, metal processing, chemical, agricultural, municipal and waste management), desalination Water and Drinking Water Department. Pumptronics Incorporated operates as a division of the company and continues as an integrated pump station manufacturer specializing in custom design and automation.

The common shares trade on the secondary market of the Toronto Stock Exchange Venture Exchange under the symbol WATR.

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

For more information please contact:

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

Phone: (519) 836-6155 Fax: (519) 836-5683 Email: gshelp@currentwatertechnologies.com Website: www.currentwatertechnologies.com

forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. difference. These include risks related to market volatility, real estate 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 words such as “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 these forward-looking statements are reasonable, but there can be no assurance that these expectations will prove to be correct and such forward-looking statements contained in or incorporated by reference in this press release should not be unduly relied upon . These statements speak only as of the date of this 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.

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