The acquisition was executed by Rainmaker Worldwide Inc., Ontario
Rainmaker Worldwide finalises acquisition of Miranda Water Treatment Systems. (Credit: Tom from Pixabay)
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 existing sales channels in areas where Miranda has yet to develop and vice versa to build both businesses simultaneously. We believe the focused and dedicated sales effort over the last six months should yield operating results in the near-term and we look forward to communicating positive updates at the appropriate time. To this end, we have recently shipped the system for the first joint project in Turks and Caicos. This project is expected to lead to much more business in the Island resort community. At the same time, we are working vigorously to build joint business in Canada, United States, Mexico, Central and South America.”
In addition to the completion the of Miranda merger on January 16, 2024, RAKR completed a management debt restructuring agreement. This restructuring will reduce the current RAKR debt by $326,833 and will allow for it to be converted to restricted common stock of RAKR. Michael O’Connor says, “This restructuring of management debt further emphasizes the commitment and dedication of the management team to see the continued growth of Rainmaker to its full potential.” Additional payables of management debt, totaling $640,000, has been negotiated into long-term notes to relieve the short-term cash demands on RAKR.
Over the next 180 days as Miranda and RAKR’s channel partners and existing sales channels are cross trained on the now combined products, Rainmaker is very optimistic that the synergies will have a direct impact on top line revenue as well as operational efficiencies.
Source: Company Press Release