Chatsworth, CA, Aug. 11, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Cavitation Technologies, Inc. (OTCQB: CVAT) (BERLIN: WTC) provides first fiscal quarter update on its corporate developments.
1. Cavitation Technologies, Inc. (“The Company” or “Cavitation”) shipped two Nano Reactor systems® to Desmet Ballestra Group (“Desmet”), the Company’s strategic partner in the edible oil industry since 2010. The Nano reactors will be outfitted for vegetable oil refineries in North America. The sale’s aggregate value of $460,000 is expected to be recorded in the current quarter.
Roman Gordon, Global Technology Manager, commented: “We look forward to strengthening our relationship and expanding our operations globally with Desmet. We are pleased to see returning US customers placing new orders. This indicates that we are moving in the right direction, and we will continue to further invest in our technology and people behind it.”
2. The Company successfully completed a $1,500,000 equity financing at 6.5 cents per unit through the sale of approximately 23 million units. Each unit consists of 1 common share of stock and 1 stock purchase warrant exercisable at $.09 per share for a 5-year term.
This financing provides Cavitation with the necessary capital to enhance and accelerate its produced water treatment technology in the Permian Basin.
3. On July 26, 2021 the Company received a forgiveness notice on a $104K loan via the Paycheck Protection Program (PPP) which is expected to be recorded in the current quarter. This loan and subsequent forgiveness helped Cavitation maintain its employee and compensation levels and keep its full workforce employed during the COVID-19 crisis.
4. The Company’s current objective is to strengthen its balance sheet and to start recognizing additional cash flow from fluid treatment technology.
COO/CFO Neil Voloshin stated:
“I am pleased with the milestones we have achieved since the beginning of this quarter — $460,000 sale proceeds from our legacy technology business, $104K loan forgiven by the government, and the $1,500,000 equity financing primarily provided by a group of existing shareholders, establishes a solid foundation for the Company’s future.”
“We are excited about our upcoming developments in the Permian Basin — with over 40 patents issued and filed both domestically and abroad, we feel confident about the upcoming quarter, and we will diligently continue to execute against our strategic priorities.”
Mr. Voloshin continued, “We remain focused on delivering our unique chemical-free technology and systems both locally and around the world. We continue to look for emerging applications in industries that might benefit from our technology, and we are actively pursuing opportunities in the cannabis and wine industries, ballast water, municipal waste and a variety of others.”
About Cavitation Technologies, Inc.
Founded in 2007, the company designs and manufactures innovative flow-through devices and systems, as well as develops processing technologies for use in edible oil refining, renewable fuel production, water treatment, and alcoholic beverage enhancement. The company’s patented Nano Reactor® systems and various technologies have over 40 patents issued and filed both domestically and abroad. http://www.ctinanotech.com/
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About Desmet Ballestra Group
The Desmet Ballestra Group provides engineering and supply of plants and equipment for the following industries worldwide:
• Oils and Fats and Animal Feed
• Detergents, Surfactants and related Chemicals
• Oleochemical and Biodiesel
Desmet Ballestra’s R&D Team is composed of professionals specialized in Oils and Fats, oleochemicals and chemical processes, using the most comprehensive set of technological resources and equipment. Controlled by Financière DSBG, a holding company based in Paris, France, the Desmet Ballestra Group is present in all major market areas of the world through its integrated business units located in Northern and Central America (USA, Mexico), South America (Argentina, Brazil, Colombia), Asia & Far East (PR China, Singapore, Malaysia), India and Europe (Belgium, Turkey, Russia, Spain). http://www.desmetballestra.com/
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions such as, “The sale’s aggregate value of $460,000 is expected to be recorded in the current quarter.” These forward-looking statements are based largely on the Company’s expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company’s control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors including, among others, the state of the economy, the competitive environment and our ability to perform as anticipated and other factors described in our most recent Form 10-K and our other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. In light of these risks and uncertainties, there can be no assurances that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Cavitation Technologies, Inc.