Fort Worth, TX (GLOBE NEWSWIRE) - Hydraspin USA, a subsidiary of Water Now Inc. (OTC: WTNW), is an industry leader specializing in the recovery of commercially viable crude oil extracted from wastewater generated in the production of domestic petroleum.
“With the successful installation of five sites in the Permian basin, we will be in a cash flow positive position within 60 days,” said David King, CEO of Water Now Inc. He went on to say, “The results have generally exceeded our expectations.”
Hydraspin USA employs a proprietary method of processing petroleum well wastewater to remove crude oil prior to re-injection into the ground for disposal. This results in a much longer life cycle for the re-injection well, less wear and tear on re-injection equipment, and a significant new revenue stream for the well operator as the recovered oil is commercially viable.
Thomas Olson, Vice President of Engineering for Water Now Inc., said, “I am extremely proud of the hard work of our team over the past few months as we have launched these sites. The team has worked around the clock in many cases to deliver the results that we are now seeing.”
Forward Looking Statements
Statements in this document may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements Water Now to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Water Now assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors. There may be other factors not mentioned above or included in the Water Now's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. Water Now assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws. You can learn more about Hydraspin USA at www.hydraspinusa.com.
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