News

Rainmaker Worldwide Inc. Announces the Strengthening of its Team Following the Sale of its Water Subsidiary Rainmaker Holland BV to Sphere 3D Corp.

Peterborough, Ontario – (NewMediaWire) – January 05, 2021 – Rainmaker
Worldwide Inc. (OTC: RAKR) (“The Company”) announces it will continue to expand
its focus on commercializing Environmental, Social and Governance (“ESG”)
technologies following the completed sale of its water subsidiary Rainmaker
Holland BV to Sphere 3D Corp. (NASDAQ: ANY) (“Sphere 3D”). The transaction is
expected to close in less than 10 days. The acquisition was announced on
January 4th
 and will transition the Rainmaker brand under
Sphere 3D.

RAKR will continue to pursue
value creation for its shareholders by leveraging its institutional and market
knowledge and asset base.  RAKR will receive a percentage of gross revenue
from all Rainmaker operations implemented in Jamaica over the next 4 years.
RAKR plans to continue to build global joint venture partnerships and pursue
strategic acquisitions of burgeoning technological companies that supports The
Company’s vision of a more sustainable future.  

The Company’s new chapter will be
led by Michael O’Connor, RAKR’s current Executive Chairman who will now assume
the role as Interim CEO. Michael Skinner, former CEO becomes Interim CEO of
Sphere 3D to ensure a successful transition. Prior to co-founding Rainmaker,
Mr. O’Connor was one of the founders of Wind Mobile, now known as Freedom
Mobile, which was acquired by Shaw Communications Inc. in 2016 for $1.6
billion. Mr. O’Connor brings over 25 years of expertise in operational, corporate
finance, business development and corporate governance to his leadership roles.
He has a global track record in business development in Africa, Asia, Europe,
and the Middle East having led merger and acquisition projects worth more than
$30 billion.

RAKR also welcomes Michael Della
Fortuna and Dr. Mamdouh Shoukri to RAKR’s Board as independent Directors. Mr.
Della Fortuna adds invaluable product and technology development experience to
the RAKR board. He is the CEO of Nexeya Canada Inc., which designs,
manufactures and supports embedded and stand-alone products for capital intense
and mission critical environments. Mr. Della Fortuna is also the current Board
Chair of Drone Delivery Canada, a pioneering technology firm with a focus on
designing, developing and implementing a commercially viable drone delivery
system.

Dr. Shoukri is re-joining the
RAKR board and brings a life-time of expertise and a specific focus of
identifying acquisition targets in the environmental and water technology
space. Dr. Shoukri is a world-renowned researcher specializing in thermal-fluid
science and has published over 120 scholarly articles in the field. Earlier in
his career, he served as the Dean of Engineering at McMaster University and
under his guidance led the department to become one of the foremost engineering
schools in Canada. Dr. Shoukri recently completed his decade-long tenure as the
seventh President and Vice-Chancellor of York University, where he guided
York’s transformation into a comprehensive research-intensive university as
well as spearheaded hundreds of millions of dollars of capital development
projects.  Dr. Shoukri was a founding Board Member of the Ontario Centres
of Excellence (OCE) which supports the commercialization of academic
intellectual property (IP), industry-academic collaborations and the
development and adoption of emerging technologies as well as a member of the
Ontario Research and Innovation Council (ORIC).

Michael O’Connor, RAKR Executive
Chairman and incoming Interim CEO, stated, “I am pleased to lead RAKR through
this exciting repositioning and welcome Michael Della Fortuna and Dr. Mamdouh
Shoukri to the board as independent and active directors to assist me in
fulfilling our mission. Our team will provide substantial value for our shareholders
as we refine our directive. Our focus is to continue to expand, RAKR’s founding
inspiration and deliver progress for our planet and global communities through
innovative technology solutions.”

About Rainmaker Worldwide
Inc.

Rainmaker Worldwide Inc. (OTC:
RAKR) has been a leader in technology that produces clean, affordable water.
Headquartered in Peterborough, Canada and focused on the commercializing of ESG
technology and solutions.  On January 4th 2021, Sphere 3D Corp. (NASDAQ:
ANY) announced the acquisition agreement of Rainmaker Holland BV, the core
subsidiary of Rainmaker Worldwide Inc. expected to close within 90 days of the
announcement subject to all necessary board and regulatory approvals, as
applicable. This acquisition presents tremendous growth opportunity providing
additional access to capital markets to help solve the global water crisis on a
greater scale. Rainmaker Worldwide Inc. was recognized as the Best Community
Impact Water Solutions Global 2020 by Capital Finance International.  For
more information about Rainmaker, visit www.rainmakerww.com.

Forward-looking Statements

Certain matters discussed in this
announcement contain statements, estimates and projections about the growth of
Rainmaker’s business, potential distribution partnerships and/or clients, and
related business strategy. Such statements estimates and projections may
constitute forward-looking statements within the meaning of the federal
securities laws. Factors or events that could cause our actual results to
differ may emerge from time-to-time. Rainmaker’s undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. The recipient of this
information is cautioned not to place undue reliance on forward-looking
statements.

Investor Contacts

Rainmaker
Worldwide Inc.


Michael O’Connor

Executive Chairman and Chief Executive Officer

info@rainmakerww.com

Source link

Show More

Related Articles

Back to top button