Earlier this year, the Company successfully completed a $1,500,000 equity financing at 6.5 cents per unit through the sale of approximately 23 million units. This financing provided Cavitation with the necessary capital to focus on increasing production rates of its produced water treatment technology in the Permian Basin. The Company was able to strengthen its balance sheet and started recognizing additional cash flow from its fluid treatment technology.
COO/CFO Neil Voloshin stated:
“We are now actively building momentum in the produced water treatment sector. Cavitation Technologies, Inc. has had operations in Permian Basin since 2019 and following the setbacks associated with the pandemic, the Basin’s oil and gas industry is recovering and ramping throughout Texas and New Mexico. As drilling activity recovers, so will production and installation of our produced water facilities across the Permian. We just recently restarted our facilities in the basin, and we are currently treating approximately 8,000 bbl/d. However, as deployed infrastructure is quickly brought to full capacity, we expect production should increase to 25,000 bbl/d in the near term. We expect in our Fiscal Q2, 2022 to reflect full or near full capacity production from the existing infrastructure throughout the period.
“On another note, the industry is now facing disposal constraints due to regulatory responses to environmental and operational concerns, which can be addressed by deploying our cost effective and environmentally friendly technology. We believe those constraints and concerns will provide Cavitation with considerable opportunities through the current year and well beyond.”
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. https://www.cvatinfo.com/
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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, “We expect in our Fiscal Q2, 2022 to reflect full or near full capacity production from the existing infrastructure throughout the period.” 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.