Peterborough, Ontario - (NewMediaWire) - January 05, 2021 - Rainmaker Worldwide Inc. (OTC: RAKR) (“The Company”) announces it will continue to expand its focus on commercializing Environmental, Social and Governance (“ESG”) technologies following the completed sale of its water subsidiary Rainmaker Holland BV to Sphere 3D Corp. (NASDAQ: ANY) (“Sphere 3D”). The transaction is expected to close in less than 10 days. The acquisition was announced on January 4th and will transition the Rainmaker brand under Sphere 3D.
RAKR will continue to pursue value creation for its shareholders by leveraging its institutional and market knowledge and asset base. RAKR will receive a percentage of gross revenue from all Rainmaker operations implemented in Jamaica over the next 4 years. RAKR plans to continue to build global joint venture partnerships and pursue strategic acquisitions of burgeoning technological companies that supports The Company’s vision of a more sustainable future.
The Company’s new chapter will be led by Michael O’Connor, RAKR’s current Executive Chairman who will now assume the role as Interim CEO. Michael Skinner, former CEO becomes Interim CEO of Sphere 3D to ensure a successful transition. Prior to co-founding Rainmaker, Mr. O’Connor was one of the founders of Wind Mobile, now known as Freedom Mobile, which was acquired by Shaw Communications Inc. in 2016 for $1.6 billion. Mr. O’Connor brings over 25 years of expertise in operational, corporate finance, business development and corporate governance to his leadership roles. He has a global track record in business development in Africa, Asia, Europe, and the Middle East having led merger and acquisition projects worth more than $30 billion.
RAKR also welcomes Michael Della Fortuna and Dr. Mamdouh Shoukri to RAKR’s Board as independent Directors. Mr. Della Fortuna adds invaluable product and technology development experience to the RAKR board. He is the CEO of Nexeya Canada Inc., which designs, manufactures and supports embedded and stand-alone products for capital intense and mission critical environments. Mr. Della Fortuna is also the current Board Chair of Drone Delivery Canada, a pioneering technology firm with a focus on designing, developing and implementing a commercially viable drone delivery system.
Dr. Shoukri is re-joining the RAKR board and brings a life-time of expertise and a specific focus of identifying acquisition targets in the environmental and water technology space. Dr. Shoukri is a world-renowned researcher specializing in thermal-fluid science and has published over 120 scholarly articles in the field. Earlier in his career, he served as the Dean of Engineering at McMaster University and under his guidance led the department to become one of the foremost engineering schools in Canada. Dr. Shoukri recently completed his decade-long tenure as the seventh President and Vice-Chancellor of York University, where he guided York’s transformation into a comprehensive research-intensive university as well as spearheaded hundreds of millions of dollars of capital development projects. Dr. Shoukri was a founding Board Member of the Ontario Centres of Excellence (OCE) which supports the commercialization of academic intellectual property (IP), industry-academic collaborations and the development and adoption of emerging technologies as well as a member of the Ontario Research and Innovation Council (ORIC).
Michael O’Connor, RAKR Executive Chairman and incoming Interim CEO, stated, “I am pleased to lead RAKR through this exciting repositioning and welcome Michael Della Fortuna and Dr. Mamdouh Shoukri to the board as independent and active directors to assist me in fulfilling our mission. Our team will provide substantial value for our shareholders as we refine our directive. Our focus is to continue to expand, RAKR’s founding inspiration and deliver progress for our planet and global communities through innovative technology solutions.”
About Rainmaker Worldwide Inc.
Rainmaker Worldwide Inc. (OTC: RAKR) has been a leader in technology that produces clean, affordable water. Headquartered in Peterborough, Canada and focused on the commercializing of ESG technology and solutions. On January 4th 2021, Sphere 3D Corp. (NASDAQ: ANY) announced the acquisition agreement of Rainmaker Holland BV, the core subsidiary of Rainmaker Worldwide Inc. expected to close within 90 days of the announcement subject to all necessary board and regulatory approvals, as applicable. This acquisition presents tremendous growth opportunity providing additional access to capital markets to help solve the global water crisis on a greater scale. Rainmaker Worldwide Inc. was recognized as the Best Community Impact Water Solutions Global 2020 by Capital Finance International. For more information about Rainmaker, visit www.rainmakerww.com.
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of Rainmaker’s business, potential distribution partnerships and/or clients, and related business strategy. Such statements estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time-to-time. Rainmaker’s undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Rainmaker Worldwide Inc.
Executive Chairman and Chief Executive Officer