LOS ANGELES--(BUSINESS WIRE)--OriginOil Inc. (OTC/QB: OOIL), developer of Electro Water Separation™ (EWS), the high-speed, chemical-free process to clean up large quantities of water announced today that it intends to pursue growth through acquisition of one or more service companies with proven ability to treat frac flowback and produced water in the oil and gas industry.
“We are happy with the progress of our licensing activities,” said Riggs Eckelberry, OriginOil CEO. “At the same time, we believe we can grow revenue in the booming water treatment services sector of the oil & gas industry, through acquisition of companies with strong capabilities.”
“We believe Pay Per Barrel is such a compelling revenue generator that we want to use it in our own operations, not just for our licensees”, said Bill Charneski, General Manager of OriginOil’s Petro Division. “To expedite revenue streams, we plan to acquire one or more service companies to implement this powerful program.”
In October 2013, Colorado-based Industrial Systems Inc. (ISI) became OriginOil’s pioneer customer for its Pay per Barrel program. Since then, ISI has become a full-fledged licensee, and Pay per Barrel is an integral part of the commercial toolkit for all OriginOil licensees.
OriginOil’s acquisition plans are presently limited to service companies in petroleum and industrial waste. The company plans to remain committed to serving licensees through technology transfer in these and other areas, such as algae harvesting, aquaculture and organic waste treatment.
While it is making such plans, OriginOil has not identified any acquisition candidates nor has it any arrangement, agreement or understanding with respect to engaging in any acquisition. There can be no assurance that OriginOil will be successful in identifying and evaluating suitable acquisitions or in concluding any acquisitions and there is no assurance that OriginOil will be able to negotiate acquisitions on terms favorable to it. Even if OriginOil completes an acquisition, there can be no assurance that any such acquisition would result in increased revenue and growth.
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About OriginOil, Inc.
OriginOil has developed a breakthrough water cleanup technology for the oil & gas, algae and other water-intensive industries. Unlike other technologies, the company's patent-pending Electro Water Separation™ process rapidly and efficiently removes organic material from large quantities of water without the need for chemicals. For the oil & gas industry, OriginOil is helping clean up produced water and recycle fracking water, to reduce harm to the environment and lower costs. For the emerging algae industry, OriginOil is making large-scale harvest possible. And in aquaculture, OriginOil is helping improve yields and making seafood healthier by dramatically reducing the levels of toxic ammonia and bacteria in water. For a world short on clean water, OriginOil is the lower-cost and cleaner answer. To learn more about OriginOil®, please visit our website at www.originoil.com.
OriginOil Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Abstract: OriginOil to pursue growth through acquisitions of service companies in oil and gas industry; while licensing activities across industries remains the company’s primary focus, it is exploring acquisitions to generate Pay Per Barrel revenue
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