RAKR - Rainmaker Worldwide Inc. Finalizes the Acquisition of Miranda Water Treatment Systems | Benzinga
PETERBOROUGH, Ontario, Jan. 22, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Rainmaker Worldwide Inc., Ontario, ("RWI") a subsidiary of Rainmaker Worldwide Inc., Nevada ("Rainmaker" or "RAKR") and Miranda Water Treatment Systems ("Miranda") have finalized the transfer of Miranda shares and Michael Skinner, managing partner of Viva Industries Inc., has assumed the role of Chairman and CEO of Miranda. The acquisition was executed by Rainmaker Worldwide Inc., Ontario. This subsidiary is jointly owned by RAKR and its investment and operational partner Viva Industries ("Viva").
"This acquisition will lead to the full horizontal integration of resources and allow Miranda with RAKR to better serve global water and wastewater treatment needs" stated Bulent Hatay, Founder of Miranda. "Currently, Miranda has installations in more than 40 countries. RAKR will enable the expansion of this reach with its global scope and broaden the portfolio of water treatment products. The addition of a strong and strategic financial partner further fortifies the capability to expand our global commercial footprint."
RAKR built a financial consortium to execute the purchase of Miranda shares which will result in a material enhancement to Rainmaker's financial performance. The individual operating entities will operate synergistically through a period of rapid expansion and transition. The management of RAKR believes this will enable RAKR to increase revenue and achieve positive EBITDA through RAKR driving sales particularly in the Americas.
Chairman and CEO of Rainmaker, Michael O'Connor, said, "We believe that the range of products available through Miranda and its technological partners complements its existing portfolio of products. Rainmaker has ...