WorldWater Corp. Announces Order From Philippines to Supply Water and Power to Island of Cebu Using Solar Systems.Business Editors PENNINGTON, N.J.--(BUSINESS WIRE)--June 22, 2000 Initial Order for First Two Municipalities of Province is $1.2 Million for Turnkey See turnkey system. Installation and Operation of Company's Solar Water Pumping The pumping of water is a basic and practical technique, far more practical than scooping it up with one's hands or lifting it in a hand-held bucket. This is true whether the water is drawn from a fresh source, moved to a needed location, purified, or used for irrigation, washing, or systems; Development Bank of Philippines Agrees to Fund WorldWater Service for 26 Municipalities, Estimated at $10 Million WorldWater Corp (WWAT OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB) today announced the signing of a contract in the Philippines to supply water to Municipalities on the Island Province of Cebu using the Company's proprietary solar water pumping systems. The first two Municipalities have issued an order to WorldWater for $1.2 million. This sum and funding of WorldWater systems for the remaining Municipalities estimated at $10 Million, will be supplied by the Development Bank of the Philippines The Development Bank of the Philippines, commonly known by its initials, DBP, is a state-owned development bank in Makati City, Philippines. It is the seventh-largest bank in the Philippines in terms of assets, and is the second-largest government-owned bank, next . The initial contract will establish contained water pumping and distribution systems using WorldWater's proprietary "AquaSafe(TM) systems in 13 remote barangays (villages) with a cumulative population of approximately 14,000 people. The sustainable program combines solar power technology, financing mechanisms with full-cost recovery through pay-for-service methods, and meaningful social preparation of beneficiary communities. This initial contract is part of an over-all program of the Cebu Rural Water and Sanitation sanitation: see plumbing; sanitary science. Development Project. Under this program, a total of 110 barangays in 26 municipalities will be provided with solar-powered water pumping and distribution systems that will serve more than 89,000 people. The total project cost is estimated at $10 million. A resolution has been passed by the Provincial Board authorizing the Governor to negotiate and enter into a contract with WorldWater Corp. on behalf of all the other Municipalities under its political jurisdiction. WorldWater recently completed a Technical and Social Assessment of the Municipalities (110 villages) which was funded by the US Trade and Development Agency (USTDA USTDA United States Trade and Development Agency ). On the basis of the study, which includes anticipated revenue streams accruing to it, the Development Bank of the Philippines (DBP DBP Diastolic Blood Pressure DBP Development Bank of the Philippines DBP Database Project (Visual Studio File Extension) DBP DNA Binding Protein DBP Disinfection Byproduct DBP Deutsche Bundespost ) has agreed to finance the full program. This document may contain Statements which constitutes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act Of 1995. "Forward-looking statements" include any statement which is not of purely historical fact, such as statement concerning plans, objectives, goals, strategies and future events and underlying assumptions thereof. Such forward-looking statements involve known and unknown risks, uncertainties expressed or implied by such forward-looking statements to be materially different from those projected. Such factors include, among other, general economic and business conditions which may impact demand for the Company's solar generated pumps and electricity; changes in tax laws and regulations; the ability of the company to implement its marketing strategy and to expand its business in the worldwide market; the ability of the Company to build its production facility up to the level of efficiency and output of its planned production; and changes in laws and government regulations applicable to the company, including laws in foreign nations. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion