VANCOUVER, CANADA, Aug. 30, 2022 (GLOBE NEWSWIRE) -- QUEST WATER GLOBAL, INC. (OTC Pink: QWTR) ("Quest" and/or the "Company"), an innovative water technology company and developer of the solar-powered AQUAtap™ water purification, desalination, and distribution technology, is pleased to provide the following corporate update.
In November 2021, the Company engaged K.R. Margetson Ltd. to provide audit services. K.R. Margetson, a PCAOB-registered accounting firm, has over 40 years’ experience in providing audits for public companies listed on either Canadian or US stock exchanges. Following the engagement, in March 2022, Quest filed three years (2019-2021) of audited financial statements with the United States Securities and Exchange Commission (the “SEC”) and the British Columbia Securities Commission (the “BCSC”). As of the date of this press release, the Company continues to maintain its current reporting status with the SEC, the BCSC, and OTC Markets.
As previously disclosed in Quest’s July 14, 2022 press release, and as a result of completing the aforementioned filings, the BCSC fully revoked the cease trade order originally issued against the Company on April 23, 2015. Subsequent to the revocation, on July 22, 2022, the Company converted a total of US$3,038,000 of debt into shares of the Company’s common stock at a price of $0.065 per share for accrued, unpaid management fees over the period from April 2014 to June 2022.
“We provide this update based on achieving significant milestones as well as recent developments that position the Company to further expand operations and accelerate growth,” stated Peter Miele, Vice President and Director of Quest. “Over the past several months, management has worked diligently towards meeting and maintaining the Company’s current financial reporting obligations, cleaning up its balance sheet, and applying for and pursuing the revocation of the BCSC cease trade order that was in effect for more than seven years.”
In addition, the Company announces that it plans to raise US$5-10M in the near term. Quest anticipates using the bulk of the proceeds to scale its AQUAtapTM Oasis Partnership SARL (“AQUAtapTM Oasis”) initiative in the Democratic Republic of the Congo (the “DRC”). This is expected to include fabricating and assembling 25 AQUAtapTM systems in Vancouver and shipping them to the Port of Matadi, DRC. A portion of the proceeds will also be used for general working capital purposes, new product development, and for business development as the Company is proposing to launch additional clean water initiatives in Colombia, Puerto Rico, and Kiribati.
As Quest and AQUAtapTM Oasis in the DRC advance their respective business objectives, and in particular, their joint clean water initiative, the Company wishes to highlight its mission to deliver shared growth. Water sales of the first AQUAtapTM Oasis Community Center in the DRC have been steadily growing at a rate of approximately 50% per week as the public enthusiastically adapts to using the AQUAtapTM system for clean water since sales commenced at the beginning of May 2022.
Quest is also pleased to announce that the Company has partnered with Canadian water technology company, Pathogen Detection Systems Inc., to provide IoT and remote monitoring technologies to allow Quest to monitor, in real time, potential water contamination risk. The TECTA-PDS system is the world’s first fully automated, on-site E. coli and total coliform detection systems. For ease of access, the TECTA-PDS systems will be installed within each of the Company’s AQUAtapTM Community Water Purification & Distribution systems. The systems offer fast, accurate, and reliable microbial detection in as little as two hours with results sent directly to the smart phones of the Company’s technicians and operators. This will lessen the need for Quest, and AQUAtapTM Oasis in the DRC, to rely on the time-consuming process of using laboratories in urban centers to test the produced water.
About AQUAtap™ Oasis Partnership SARL
AQUAtap™ Oasis Partnership SARL is a strategic partnership between Quest Water Solutions, Inc. (Canada), a wholly owned operating subsidiary of the Company, Dikembe Mutombo’s American Venture Mergers & Acquisitions, LLC (USA), and Kalo Products SARL (DRC). The Partnership merges the social mission of a non-profit with the market-driven approach of business for powering comprehensive growth, dignity, and potential while accelerating progress toward the Global Goal of equitable access to safe, affordable drinking water. The benefits arising from this holistic, inclusive, and impactful approach creates shared value for both business and society.
About AQUAtap™ Oasis Community Centers
Quest’s AQUAtap™ are self-contained, solar-powered, decentralized water purification and distribution systems. The AQUAtap™ was designed primarily for use in rural or peri-urban locations where infrastructure is scarce or non-existent. The AQUAtap™ is a cost-effective, sustainable, and environmentally sound turnkey solution that supplies a safe, reliable, and abundant source of potable water. Each unit is fully autonomous, powered by state-of-the-art photovoltaic panels. The energy efficient AQUAtap™ is available in several configurations, depending on the application, the water source, and preferred distribution method. When in use in conjunction with Quest’s inclusive Build-Own-Operate business model, as is the case currently in the DRC, the AQUAtap™ systems are equipped with multiple cashless, point-of-sale interface modules to allow for the sale of clean water. Each AQUAtap™ converts contaminated fresh water, brackish, or sea water into clean, purified drinking water at a rate of up to 100,000 liters per day. The systems are both modular and scalable in design, easily allowing for increased water production, and are designed to function in any environment and without any existing infrastructure. Housed in a custom, modular enclosure, a single solar-powered AQUAtap™ system can produce clean water for up to 5,000 people per day.
About Quest Water Global, Inc.
Quest Water Global, Inc., is a socially responsible, innovative water solutions company. The Company’s goal is to provide a permanent, abundant, affordable, and sustainable source of drinking water to underserved communities. The Company’s proprietary solar-powered AQUAtap™ Community Water Purification & Distribution System produces up to 100,000 litres per day of clean, safe drinking water. To achieve its financial, social, and environmental goals, Quest utilizes an inclusive, proprietary Build-Own-Operate business model that relies on strong multi-sector partnerships, operating globally and in local communities. For more information, visit the Company’s website at www.questwaterglobal.com.
Notice Regarding Forward Looking Statements
This press release contains forward-looking statements, as that term is defined under applicable securities laws. Statements in this press release, which are not purely historical, are forward-looking statements. These statements are only predictions and involve known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking statements, including: negative results from the Company's operations; the effects of government regulation on the Company's business; risks associated with the Company's ability to obtain and protect rights to its intellectual property; risks and uncertainties associated with the Company's ability to raise additional capital; loss of management; and other factors beyond the Company's control. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity or performance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Readers should also refer to the risk factor disclosures and other disclosures outlined in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission on EDGAR at www.sec.gov and with the British Columbia Securities Commission on SEDAR at www.sedar.com.