Intelligent data analytics create new behavior-based efficiency tools
INDIANAPOLIS, July 9, 2013 — Global Water Technologies (OTC Pink: GWTR) and GreenSuite, LLC have reached an agreement where GreenSuite will operate as a wholly owned subsidiary of Global Water Technologies.
The companies have been working together since January and announced initial discussions of a potential acquisition of GreenSuite by Global Water Technologies in April. They are developing a “People + Pipes + Policy” strategy for improved efficiency in drinking water distribution, with better customer service and usage information that provides behavior-based incentives for conservation and education.
GreenSuite uses an innovative Software-as-a-Service (SaaS) platform to provide data to utility companies and their customers on usage analytics. Users can track their consumption, make plans to improve efficiency, learn more about sustainability and earn rewards for such activity.
“We were impressed with this forward-thinking and very scalable approach that can be used to engage water customers and are looking forward to implementing GreenSuite software with innovative water utilities,” said Erik Hromadka, CEO of Global Water Technologies, noting the addition of software development expertise was an important step for the company.
“Although our software has been designed to work with a variety of utility platforms and we will continue to support those, we see great opportunities in the emerging water technology sector,” said Cory Clark, president of GreenSuite.
Clark and co-founder Tim Butler launched GreenSuite in 2011 after working for a number of industry-leading software firms. The Indianapolis company was a finalist in the 2012 Mira awards, an annual event recognizing the best of Indiana’s dynamic tech sector.
Global Water Technologies completed the acquisition as an all-stock transaction and reserved shares for future issuance to be determined based on milestones reached by the end of 2014. As a result of the transaction, the number of issued and outstanding shares of Global Water Technologies as of July 9, 2013 is 12,698,605.
GreenSuite is qualified for Indiana’s Venture Capital Investment Tax Credit that was designed to encourage investment in fast-growing, early-stage companies.
More information about GreenSuite is available at: www.mygreensuite.com
More information about Global Water Technologies is available at: www.gwtr.com
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.