AquaCell Restructures Subsidiary to Prepare for Spin-off; Subsidiary Renamed and New Management Team Hired.RANCHO CUCAMONGA Rancho Cucamonga (răn`chō k  'kəmäng`gə), city (1990 pop. 101,409), San Bernardino co., S Calif. , Calif. -- AquaCell Technologies, Inc. (AMEX AMEXSee: American Stock Exchange :AQA AQA Assessment and Qualifications Alliance (UK) AQA Assessment and Qualifications Alliance AQA Any Question Answered AQA American Quality Assessors (India Pvt Ltd) ), a company that markets and manufactures various water filtration and purification products including applications for industrial, commercial, institutional and residential use, announced today that it has renamed its Tempe, AZ-based Water Science Technologies, Inc. (WST WST In currencies, this is the abbreviation for the Samoan Tala. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) subsidiary Aquacell Water, Inc. and has hired a new operating management team to oversee this company. Upon effectivity of the Form 10 Registration Statement, expected in Fall 2005, Aquacell Water, Inc. will be spun off to the AquaCell Technologies, Inc. stockholders. "Originally, we had formed a new subsidiary company named Aquacell Water that was going to acquire WST after being spun-off," said Gary S. Wolff, Chief Financial Officer of AquaCell Technologies, Inc. "By just changing the name of WST to Aquacell Water, we will accomplish the same end-result in a simpler transaction." Mr. James C. Witham, Chief Executive Officer of AquaCell Technologies, Inc., continued, "Along with renaming our subsidiary, we have assembled an impressive and accomplished new management team. This group has worked successfully as a cohesive team for quite some time. Therefore, we are more confident than ever that we are positioned to significantly increase the amount of business we obtain from the ever-expanding $500 billion water treatment industry moving forward." Spearheading the newly hired operating management team is Dennis Tharan, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Aquacell Water. Along with Mr. Tharan's strong management experience, he is an expert in water treatment having served the industry for over 31 years in various capacities. In addition, Mr. Tharan holds numerous water treatment related licenses and certifications. Joining the team are Mr. Robert L. Roberts and Mr. Thomas Hebert. Mr. Roberts, an industrial engineer with over 10 years experience in the water industry, joins Aquacell Water as Vice President of Sales and Engineering. Mr. Roberts brings extensive knowledge and expertise in ultra-filtration and high-purity systems. Mr. Roberts has designed numerous systems for use in municipal water treatment, industrial manufacturing, medical applications and the military. Mr. Hebert joins Aquacell Water as Vice President of Service and Technical Support. Mr. Hebert has over 20 years experience in the water treatment industry and is recognized as a top technical expert with extensive global experience in installation and service. Mr. Hebert is experienced in all levels of water treatment including system design and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. . Enhancing the team is the addition of two significant positions that will assist in the execution of our aggressive business plan including an experienced sales associate specializing in sales of water treatment equipment to Mexico and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , and a seasoned purchasing agent Noun 1. purchasing agent - an agent who purchases goods or services for another agent - a representative who acts on behalf of other persons or organizations with over 15 years buying experience in the water industry who will be able to utilize her knowledge and relationships to benefit the Company going forward. About AquaCell: AquaCell, based in Rancho Cucamonga, CA, through its AquaCell Media, Inc. operating subsidiary, installs its patented self-filling Aquacell 1000 Bottled Water Cooler Systems free of charge into various locations, including retail establishments. AquaCell Media retains ownership of the coolers, and revenue is generated through the sale of targeted advertising on the band of the cooler's permanently attached five-gallon bottle of products and/or services pertinent to the location, similar to the concept of billboard advertising. The Company also manufactures products for water filtration and purification through its AquaCell Water, Inc. subsidiary. Its products address various water treatment applications for industrial, commercial, institutional and residential applications. These applications range from providing purified drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. to processing water for industrial and commercial manufacturing. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. . Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our ability to continue relationships with customers; our ability to offer our products at competitive prices; our ability to maintain our listing on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ; and our ability to use the most current technology for our products. |
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