Message #19 From:
NewsBot Date: December 22, 2006 05:59:00 AM
OEGY News Open Energy Corporation Acquires WaterEye And Its Proprietary Remote Water Monitoring Systems
SOLANA BEACH, Calif.--(BUSINESS WIRE)--Open Energy Corporation (OTC BB: OEGY), a renewable energy company
focused on the development of solar technologies that produce renewable
energy, fresh water and related resources, today signed a definitive
agreement to acquire privately-held WaterEye Corporation in an all stock
transaction worth approximately $3 million.
David Saltman, President and CEO of Open Energy Corporation, stated: “This
is a strategic acquisition for our company. WaterEye has developed
proprietary remote monitoring and display technology for water systems,
with customers that include GE Water, Siemens, Dow, Dupont and Poseidon
Resources. This same monitoring package will be important as we launch
Suncone CSP systems next year.”
Saltman continued, “Tom Wolfe, founder and
president of WaterEye, will join our management team as Open Energy’s
Senior Vice President of Engineering and Development. He and his
engineering team in Grass Valley are already coordinating with our CTO,
Ron Gangemi, to complete the engineering and industrial design of
Suncone Desal. We are working to demonstrate our first commercial unit
in the first quarter of 2007.”
Tom Wolfe commented: “The ability to utilize
solar energy to desalinate water is very exciting. Up to 50% of the cost
of producing potable water is directly attributable to energy
consumption. Many areas of the world where fresh water is most needed
lack access to grid power or simply can not afford the costs of diesel
fuel. Once we demonstrate the capabilities of SunCone Desal, I think
many organizations around the world will take notice.”
Open Energy Corp. focuses on the development and commercialization of
renewable energy products and technologies for a wide range of
applications including solar energy, power production, and water
desalination. The Company pursues these objectives through acquisitions,
strategic partnerships, technology transfer opportunities, and other
business strategies. The Company’s mission is
to harness the power of sun to meet the growing resource demands of
sustainable 21st Century development.
About Water Eye
Water Eye is headquartered in Grass Valley, California and provides
secure ASP based remote monitoring and diagnostic services to the water
and wastewater treatment industries. This proprietary software grew out
of the Company’s work as system integrators
and software developers for ultra pure water systems refineries, power
stations, municipal water treatment plants, and high tech manufacturing
facilities. WaterEye president Tom Wolfe is one of the pioneers in
reverse osmosis technology. He has also designed large and small systems
utilizing ion exchange, micro-filtration and thermal disinfection. He is
the author of numerous reports and publications in the field.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented
herein constitutes 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,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include general economic and business
conditions, the ability to acquire and develop specific projects, the
ability to fund operations and changes in consumer and business
consumption habits and other factors over which Open Energy Corporation
has little or no control.
