Wataire Industries, Inc. Corporate Update.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Wataire Industries Inc. (Pink Sheets:WTAF) an International company focusing on developing and delivering technology-based water generation and purification products worldwide announced Tuesday June 13 the signing of LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items to license the companies marketing rights for the Atmospheric Water Generator An Atmospheric water generator (AWG), or atmospheric condenser, produces pure drinking water from the humidity of the surrounding air. An AWG is essentially a dehumidifier: air is passed through a cooled coil, causing water to condense. to an OTCBB OTCBB See OTC Bulletin Board (OTCBB). company. The OTCBB Company is an International Development Corporation. Under the terms of the proposal all shareholders of record in Wataire Industries Inc. will be issued a share as a dividend in the OTCBB Company for each share held in Wataire Industries Inc. All shareholders in Wataire Industries Inc. up to and including the cut off date of June 29, 2005 will be eligible for the share dividend exchange. The shareholders in Wataire Industries Inc. will be required to provide documentation from their brokerage account Brokerage Account An arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage, which then carries out the transactions on the investor's behalf. or Transfer Agent as to the validity of their shares, All shareholders will retain their share position in WTAF which will continue to hold the manufacturing rights. Wataire will maintain a position on the board of the OTCBB as representation to the shareholders. This transaction will enable Wataire to focus on manufacturing and supply our existing customers in a timely fashion with our products. The agreement is subject to the approval of a simple majority of shareholders in Wataire Industries. The proposed completion date for the definitive agreement is June 29, 2005. Wataire's manufacturing facility in Cape Breton Nova Cape Breton Nova is a provincial electoral district in Cape Breton, Nova Scotia, Canada, that elects one member of the Nova Scotia House of Assembly. Its Member of the Legislative Assembly since 2003 has been Gordie Gosse of the Nova Scotia New Democratic Party. Scotia is currently assembling the 2500 and 5000 liter per day commercial units we anticipate to be shipping in the latter part of July. Wataire representatives are currently negotiating with potential distributors for Pakistan, Yemen, Abu Dhabi Abu Dhabi (ä`b  thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c. and Iran. Shareholders will
be notified as to the status of these clients as information becomes
available.
ABOUT WATAIRE A team of veteran executives founded Wataire, they have extensive experience in developing and successfully bringing innovative products to market. The team is comprised of leaders and advisors who have extensive backgrounds in business administration, project management, manufacturing, international distribution, sales and marketing. Wataire is dedicated to providing an array of innovative solutions that will help prevent fresh-water shortages in a wide variety of changing geographic locations and climatic conditions. Forward Looking Statements in this release are made pursuant to the "Safe Harbour" provisions of 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from tine tine (tin) a prong or pointed projection on an implement, as on a fork. tine n. 1. The slender pointed end of an instrument, such as an explorer used in dentistry. 2. to time in the Company's periodic reports filed with the Securities and Exchange commission. |
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