H2O Innovation (www.h2oinnovation.com), a provider of membrane technologies and biological processes, acquired Wastewater Technology Inc. (WTI, www.bio-wheel.com), a manufacturer of patented bioreactors, activated sludge, and MBR (membrane bioreactor) technologies.
The acquisition brings patented wastewater treatment technologies to H2O, with a project list of 70 wastewater treatment systems installed throughout the United States, eastern Europe, and China for the municipal, commercial, and industrial sectors. H2O will also gain 15 manufacturing agents and representatives.
Based on unaudited results for the fiscal years ending December 31, 2006 and 2007, WTI recorded average sales of $2.64 million, according to H2O. Under terms of the deal, H2O Innovation USA Inc. acquired all shares of WTI issued and in circulation in exchange for an amount of $2,676,087 paid in cash on closing of the transaction and funded from company cash assets. The purchase price will be increased by up to $2 million if cumulative sales of WTI’s Bio-Brane technology over 10 years reach $32.7 million and sales of the Bio-WheelTM or related technologies reach $8 million US.
