As September winds down, it's turning out to be an eventful month for upstart Water Now, Inc. (OTCPK:WTNW) as it looks to get its business going, with the company expanding its product portfolio and extending into international markets.
Earlier this month, the Fort Worth, Texas-based company launched their "flameless heating technology," an innovative method built upon its patented Heating Reactor Technology used to rapidly heat water.
Wednesday morning, Water Now said it is matriculating into the South African markets with its core water purification products, the Aqua 125 and Aqua 1000 platforms, through a new partnership with African Horizon Technologies.
Utilizing the flameless heating technology, the Water Now Aqua platforms generate potable water in a matter of minutes from virtually any water source (fresh or salt water) without chemicals or the need for complex filtering systems and membranes that constantly need to be replaced.
Per the new agreement, African Horizon Technologies, a supplier of water filtrations products to the mining, energy, manufacturing and food service industries, is now the exclusive distributor in South Africa for WTNW's flagship water filtration products.
Water Now CEO David King calls the new distributor agreement a "key to our goal of providing clean, safe, life sustaining water to those who need it most."
Jacques Steyn, CEO at African Horizon Technologies, added that Water Now is revolutionizing the water purification industry with a product that "can and absolutely will save lives."
Water Now's new heating product may not exactly fit with the company's moniker, but it leverages the same technology to provide heat.
Completely self-contained and electrically powered, the portable heating platform uses no combustion or resistive electric elements. Further, the flameless technology doesn't use natural gas or liquid fuel, eliminating threats of fire and explosion, while operating more efficiently, which saves on costs.
The innovative heaters are currently in the production stage with deliveries targeted for the fourth quarter. The company sees a wide array of potential customers and applications for its technology as a quality alternative for heating larger home garages, basements, home-based workshop environments, paint and body shops, furniture shops, nail salons, fuel depots, grain elevators and more.
The company had a tough second quarter, actually posting negative revenue because of an order valued at $116,880 being canceled because of custom-related issues.
Investors are still standing by the company as it works to execute on its sales model and launches new products as measured by shares eking up 2.44% to 84 cents with about one hour left in Wednesday's session.
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