Shares of Water Technology Firm Hit Double-Digit Gains on LOI News

Shares of Water Technology Firm Hit Double-Digit Gains on LOI News

By: Tomas Ronolski - News

Thursday, February 15, 2024

By adding a residential community to its balance sheet, this firm expects to generate approximately $2 million in gross annual rent revenue. Water Technologies International, Inc. (OTC Pink:WTII) is a leader in the technology in atmospheric water generator production, design and water treatment. In a press release today, WTII announced a letter of intent to acquire a 51% interest in Orchard 79, LLC. By aquiring this 87-home single-family community is expected to add $2 million in revenue per annum.  

According to Water Technologies, Inc.'s CEO, William Scott Tudor, the acquisition will provide the firm with a solid asset with predictable revenue to bolster the company’s balance sheet. “Real estate in California continues to appreciate and demand for leasing single family homes is solid as the prices continue to rise. I believe this will aid in additional acquisitions of a similar revenue generating assets."

The Orchard 79 community is several months away from completion. Both parties are in the stages of reaching a definitive agreement and expect to complete the transaction in the next thirty days. 

Shares of Water Technologies were trading up over 16 percent in mid-afternoon trade.

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