YANTAI, China, March 14, 2019 /PRNewswire/ -- Newater
Technology, Inc. (NASDAQ: NEWA) ("NEWA", "we", "our" or the
"Company"), a service provider and manufacturer of membrane
filtration equipment and related hardware and engineered systems
that are used in the treatment, recycling and discharge of
wastewater, today announced it has terminated the acquisition
agreement to acquire AMS Technologies Int. (2012) Ltd ("AMS") an
Israeli company that develops special membrane materials. There is
no impact on NEWA's operating results associated with terminating
the agreement.
On December 1, 2018 NEWA
previously announced it entered into an acquisition agreement to
acquire AMS with an expected closing date of March 2019.
"NEWA has worked diligently to consummate this acquisition since
November 2018; however, NEWA and AMS
could not reach mutual agreement during closing phase, and the
termination does not reflect on the seller or seller's business,"
said Yuebiao Li, Chairman and Chief Executive Officer of NEWA. "We
therefore exercised our right to terminate the agreement today and
we remain focused on continuing to develop our products and enhance
the value of our businesses. At the same time, we are keenly
following the global technological trends in the industry and will
keep on exploring opportunities to purchase, cooperate or acquire
advanced technologies or companies in our industry."
About Newater Technology, Inc.
Founded in 2012 and headquartered in Yantai, China, Newater, operating its business through
its wholly owned subsidiary Yantai Jinzheng Eco-Technology Co.,
Ltd. ("Jinzheng"), is a service provider and manufacturer of
membrane filtration equipment and related hardware and engineered
systems that are used in the treatment, recycling and discharge of
wastewater using DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk
Tube Nano-Filtration) membranes. Newater also provides integrated
technical solutions in engineering support and installation,
technical advice and wastewater treatment services, and other
project-related solutions to turn wastewater into reusable
water.
The Company's core business includes:
-Wastewater treatment and reuse of high quality reclaimed
water;
-Treatment of hypersaline and highly-polluted wastewater and
achieve zero-liquid discharge;
-Highly efficient treatment of landfill leachate;
-Process and recycle salts from acid or alkaline wastewater.
More information about the Company can be found at:
www.dtnewa.com
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its ability to acquire advanced technologies or companies
in its industry are forward-looking
statements. Forward-looking statements are not guarantees of
future performance and involve risks and uncertainties that may
cause the actual results to differ materially from the Company's
expectations discussed in the forward-looking statements. These
statements are subject to uncertainties and risks including, but
not limited to, the following: the Company's goals and strategies;
the Company's future business development; product and service
demand and acceptance; changes in technology; economic conditions;
the growth of the water filtration industry in China; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the Securities and Exchange Commission. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Newater Technology, Inc.
Zhuo Zhang (CFO)
Phone: +86 (535) 625-8200
Email: CFO@dtnewa.com
Yantai Jinzheng Eco-Technology Co.,
Ltd.
Ike Ma (Corporate Manager)
Phone : +86 188-6551-5312
Email : qlma@jinzhenghb.com
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SOURCE Newater Technology, Inc.