Rainmaker Worldwide Inc. Announces Strengthening of its Team Following Sale of Rainmaker Holland BV to Sphere 3D Corp.
Peterborough, CA -- January 05, 2021 -- InvestorsHub
NewsWire -- Rainmaker Worldwide Inc. (OTC:
RAKR) (“The Company”) announces it will continue to expand its
focus on commercializing Environmental, Social and Governance
(“ESG”) technologies following the completed sale of its water
subsidiary Rainmaker Holland BV to Sphere 3D Corp. (NASDAQ: ANY)
(“Sphere 3D”). The transaction is expected to close in less than 10
days. The acquisition was
announced on January 4th and will transition the Rainmaker
brand under Sphere 3D.
RAKR will continue to pursue value creation for its shareholders
by leveraging its institutional and market knowledge and asset
base. RAKR will receive a percentage of gross revenue from
all Rainmaker operations implemented in Jamaica over the next 4
years. RAKR plans to continue to build global joint venture
partnerships and pursue strategic acquisitions of burgeoning
technological companies that supports The Company’s vision of a
more sustainable future.
The Company’s new chapter will be led by Michael O’Connor,
RAKR’s current Executive Chairman who will now assume the role as
Interim CEO. Michael Skinner, former CEO becomes Interim CEO of
Sphere 3D to ensure a successful transition. Prior to co-founding
Rainmaker, Mr. O’Connor was one of the founders of Wind Mobile, now
known as Freedom Mobile, which was acquired by Shaw Communications
Inc. in 2016 for $1.6 billion. Mr. O’Connor brings over 25 years of
expertise in operational, corporate finance, business development
and corporate governance to his leadership roles. He has a global
track record in business development in Africa, Asia, Europe, and
the Middle East having led merger and acquisition projects worth
more than $30 billion.
RAKR also welcomes Michael Della Fortuna and Dr. Mamdouh Shoukri
to RAKR’s Board as independent Directors. Mr. Della Fortuna adds
invaluable product and technology development experience to the
RAKR board. He is the CEO of Nexeya Canada Inc., which designs,
manufactures and supports embedded and stand-alone products for
capital intense and mission critical environments. Mr. Della
Fortuna is also the current Board Chair of Drone Delivery Canada, a
pioneering technology firm with a focus on designing, developing
and implementing a commercially viable drone delivery system.
Dr. Shoukri is re-joining the RAKR board and brings a life-time
of expertise and a specific focus of identifying acquisition
targets in the environmental and water technology space. Dr.
Shoukri is a world-renowned researcher specializing in
thermal-fluid science and has published over 120 scholarly articles
in the field. Earlier in his career, he served as the Dean of
Engineering at McMaster University and under his guidance led the
department to become one of the foremost engineering schools in
Canada. Dr. Shoukri recently completed his decade-long tenure as
the seventh President and Vice-Chancellor of York University, where
he guided York’s transformation into a comprehensive
research-intensive university as well as spearheaded hundreds of
millions of dollars of capital development projects. Dr.
Shoukri was a founding Board Member of the Ontario Centres of
Excellence (OCE) which supports the commercialization of academic
intellectual property (IP), industry-academic collaborations and
the development and adoption of emerging technologies as well as a
member of the Ontario Research and Innovation Council (ORIC).
Michael O’Connor, RAKR Executive Chairman and incoming Interim
CEO, stated, “I am pleased to lead RAKR through this exciting
repositioning and welcome Michael Della Fortuna and Dr. Mamdouh
Shoukri to the board as independent and active directors to assist
me in fulfilling our mission. Our team will provide substantial
value for our shareholders as we refine our directive. Our focus is
to continue to expand, RAKR’s founding inspiration and deliver
progress for our planet and global communities through innovative
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC:
RAKR) has been a leader in technology that produces clean,
affordable water. Headquartered in Peterborough, Canada and focused
on the commercializing of ESG technology and solutions. On
January 4th 2021, Sphere 3D Corp. (NASDAQ: ANY) announced the
acquisition agreement of Rainmaker Holland BV, the core subsidiary
of Rainmaker Worldwide Inc. expected to close within 90 days of the
announcement subject to all necessary board and regulatory
approvals, as applicable. This acquisition presents tremendous
growth opportunity providing additional access to capital markets
to help solve the global water crisis on a greater scale. Rainmaker
Worldwide Inc. was recognized as the Best Community Impact Water
Solutions Global 2020 by Capital Finance International. For
more information about Rainmaker, visit www.rainmakerww.com.
Certain matters discussed in this announcement contain
statements, estimates and projections about the growth of
Rainmaker’s business, potential distribution partnerships and/or
clients, and related business strategy. Such statements estimates
and projections may constitute forward-looking statements within
the meaning of the federal securities laws. Factors or events that
could cause our actual results to differ may emerge from
time-to-time. Rainmaker’s undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. The
recipient of this information is cautioned not to place undue
reliance on forward-looking statements.
Rainmaker Worldwide Inc.
Executive Chairman and Chief Executive Officer