GUELPH, Ontario, May 27, 2024 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V:WATR) ("CWTI" or the "Company") announces that, subject to regulatory approval and formal documentation, the Company is offering a non-brokered, private placement financing ("Private Placement") for gross proceeds of up to $500,000. The Private Placement will be for up to 16,666,667 Common Shares at a price of $0.03 per share. This Private Placement will not include Share Purchase Warrant ("Warrant").

The proceeds of this Private Placement will be used for current equipment sales activities and current general working capital purposes. None of the proceeds of the Private Placement will be payable to non-arm's length parties, except for general corporate purposes in the ordinary course of business.

The Private Placement is available to all shareholders of the Company as at June 3, 2024 (the "Record Date") and are still shareholders and are eligible to participate under the "Existing Shareholder Exemption". Any person who becomes a shareholder of the Company after the Record Date is not permitted to participate in the Private Placement using the Existing Shareholder Exemption, but other exemptions may still be available to them. Shareholders who become shareholders after the record date should consult their professional advisors when completing their subscription to ensure that they use the correct exemption.

There are conditions and restrictions when relying upon the Existing Shareholder Exemption, namely, the subscriber must: a) be a shareholder of the Company on the Record Date (and still are a shareholder); b) be purchasing the Common Shares as a principal, i.e. for their own account and not for any other party; and, c) may not purchase more than $15,000 value of securities from the Company in any twelve month period. There is one exception to the $15,000 subscription limit. In the event that a subscriber wishes to purchase more than $15,000 value of securities, then it may do so provided it has first received 'suitability advice' from a registered investment dealer and, in this case, subscribers may be asked to confirm the registered investment dealer's identity and employer.

If the Offering is over-subscribed, it is possible that a shareholder's subscription may not be accepted by the Company even though it is received. Additionally, in the event of an imbalance of large subscriptions compared to smaller subscriptions management of the Company reserves the right in its discretion to reduce large subscriptions in favour of smaller subscriptions.

CWTI is relying on the minimum price exception within Policy 1.1 of the TSXV Corporate Manual allowing for the issuance of Listed Shares equal to the Market Price, subject to a minimum price of $0.01. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period, in accordance with applicable securities laws. The Private Placement is expected to close May 31, 2024.

Any existing shareholders interested in participating in the Private Placement should contact the Company at info@currentwatertechnologies.com. Potential investors should indicate the amount of their intended investment as well as the email address at which the Company should contact them to provide further details regarding the Private Placement and relevant transaction documentation.

In order to participate in the Private Placement, existing shareholders must notify the Company no later than 10:00am Eastern time on May 29, 2024.

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, a division of the Company, is 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:

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.