CEO UPDATE TO GENERAL MEETING 24 FEBRUARY 2012
Welcome to the meeting and I am pleased to report the Company’s progress in the following areas:-
1. Morocco – as disclosed in WRG’s prospectus dated 16 November 2010, a
memorandum of understanding for 8,000 cu m per day was signed on 29
October 2010 with Office Cherifien des Phosphates (OCP). Following on from a recent trip to El Dorado Hills from a delegation of Senior OCP Business and Technical Officers, we expect to conclude the Water Offtake Agreement, during second quarter 2012, for 8,000 cu m per day from which we are
confident that significant additional business will follow in Morocco. OCP is the world’s leading exporter of phosphate rock and derivative products. Its products are an important component in global food security as they provide essential nutrients to food crops and help rebuild healthy soils.
As the largest enterprise in Morocco, OCP is a key driver of the country’s economy. Phosphate and its derivatives represented in 2010, in value, approximately one quarter of Morocco’s exports and the directly employs more than 18,000 people.
2. Saudi Arabia – We have marketing personnel in Saudi Arabia at present and that area is developing well. Upon WRG securing the Water Offtake Agreement with OCP we anticipate that this will open up significant business opportunities in Saudi Arabia for WRG.
3. Cape Verde – Shareholders are aware of the Water Offtake Agreement with Santa Catarina Municipality announced on 3 January 2012. Contained in that release was a statement by the President of Santa Catarina Municipality that he expected a number of other municipalities to also contract our services. There are 22 municipalities in Cape Verde, a number of which have severe water shortages. We are confident that we will secure significant additional business in this region.
4. India and South Asia – Our Joint Venture partner, Mandala Water Limited, is very well placed to secure significant contracts in India, and we are putting together our support team to ensure that we can respond quickly to this enormous market for fresh drinking water, as well as other applications of our low cost ozone generator.
5. Mexico – The contract negotiations in Acapulco have been delayed by the civil unrest that has erupted in this city. There will be no contract secured until this settles down, which is unlikely in 2012.
6. Rare Earth Extraction- Shareholders will have seen a recent release announcing that the company has partnered with Oak Ridge National Laboratory (ORNL) to combine our O3CD technology with certain Separation Technologies developed exclusively by ORNL to extract rare earths from mining Waste Streams. This opportunity is huge and more information will follow as this opportunity expands over the next several months.
7. NASDAQ Listing – The Company is well advanced in the preparation of its submission to the US Securities Exchange Commission and NASDAQ for a full listing on NASDAQ in the United States.
For further information contact:
Brian Harcourt, CEO. +61 423 555 885 Australia / +1-916-990-5995 US
Notes for Editors:
• Water Resources Group Limited is an Australian company providing advanced, low-cost, chemical-free, community-based water desalination systems.
• The Company’s initial product is its Advanced Seawater Reverse Osmosis (“ASWRO”) Desalination Plant incorporating its breakthrough Plasma Chemical Reactor technology that produces ozone from ambient air for pre-treatment of water, in place of chemicals and chlorine.
• The ASWRO system is scale-able, in that it doesn’t compete with large scale plants, and can be tailored to suit any community. It is automated and managed remotely, making it simpler and easier to manage and secure.
• The O3CD™ technology is being developed by WRG jointly with Oak Ridge National Laboratory as a solution for the serious problems associated with Coal Seam Gas water contamination of aquifers, rivers, farm land and other environmental concerns. WRG expects to have its first O3CD™ demonstration product available in early 2013.
Press release transmitted by noodls
