VANCOUVER, British Columbia--(BUSINESS WIRE)--Quest Water Global, Inc. (OTCQB:QWTR) ("Quest" and/or "Quest Water" and or "Company"), an innovative water technology company, and developer of the AQUAtap™ Community Drinking Water Station and WEPSTM Atmospheric Water Extraction and Purification System, announced today that the Company’s wholly-owned subsidiary, Heliosource, Inc., has acquired a new patented high performance solar technology from the Hohulin Family Trust.
The new solar technology, known as EM-CS, is believed to provide substantially greater solar energy production and conversion efficiency than present photovoltaic products. The product has been under development for a number of years and is now at the point of commercialization. Quest Water, through its wholly-owned subsidiary, Heliosource, Inc., plans to take the technology into production and commence sales.
Over the next six months Heliosource will fabricate and assemble a new, advanced prototype that will validate the EM-CS solar technology. The third party validation process will assess the solar technology’s ability to meet certain criteria, and then be used to conduct an IP asset valuation to establish a market value for the product. Under the terms of the agreement, Heliosource must raise a minimum of $500,000 by February 28, 2015 which will be used to build the new prototype. Once the technology is successfully validated, Heliosource must raise a minimum of a further $6 million and then grant the Hohulin Family Trust a 10% equity position in Heliosource, issue the trust 5 million shares of Quest Water Global, Inc., an $8 million cash payment ($2 million as part of the second raise with a 5 year note for the balance paid out at 20% of revenue), and a 6% royalty on net before tax revenue on all products sold.
“The acquisition is exciting for Quest Water on two fronts: First we will be part of the commercialization of a new solar technology that has the potential to deliver high yield, highly efficient solar energy production at a fraction of today’s photovoltaic cost; and it will allow Quest to take its WEPS systems completely off the grid,” explained John Balanko, President & CEO of Quest Water Global, Inc., “This will enable us to not only offer less expensive water for the communities in which we do business, but also provide a much needed source of solar power with increased energy output and efficiency. Together with the low cost of production, we believe this new technology has the potential to revolutionize the solar industry.”
About Quest Water Global Inc.
Quest Water Global Inc., and its wholly-owned operating subsidiary Quest Water Solutions Inc., is an innovative water technology company that provides sustainable and environmentally sound solutions to water scarce regions. We use proven technologies to create economically viable products that address the critical shortage of clean drinking water in developing countries. Our goal is to provide an alternative, sustainable source of pure water at the smallest possible environmental cost, while becoming a leading company in providing turn-key solutions using alternative energy for the purification, desalination, and distribution of clean drinking water. For more information on Quest Water visit our website at www.QuestWaterSolutions.com
Notice Regarding Forward Looking Statements
This press release contains projections and forward-looking statements, as that term is defined under applicable securities laws. Statements in this press release, which are not purely historical, are forward-looking statements. These statements are only predictions and involve known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: negative results from the Company's field operations; the effects of government regulation on the Company's business; risks associated with the Company's ability to obtain and protect rights to its intellectual property; risks and uncertainties associated with the Company's ability to raise additional capital; loss of management; and other factors beyond the Company's control. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity or performance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Readers should also refer to the risk factor disclosures and other disclosures outlined in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission on Edgar at www.sec.gov and with the British Columbia Securities Commission on SEDAR at www.sedar.com.
Quest Water Global, Inc.