LAKE FOREST, Calif. - BioShaft Water Technology Inc. (the 'Company' or 'BioShaft') (OTC BB: BSHF) is pleased to provide the following corporate update on its activities throughout 2009 and in 2010.
During the second quarter of 2010, the company completed a $500,000 financing. The financing was from equity investment of common shares priced at $0.15. The money is used for working capital purpose.
BioShaft completed the installation of a demonstration plant for the Municipality of Sharjah, United Arab Emirates (“UAE”). The plant continues to operate in accordance with its specifications as reported by a licensed independent laboratory. The reports were based on the data collected during the plant’s six months of operation. The Municipality of Sharjah, UAE, is in the process of awarding certification for the BioShaft technology.
Bioshaft’s technology was recently approved by the Saudi Ministry of Water and Electricity in the Jazan region for a 528,000 GPD project. Also, the company completed the construction of a 13,200 Gallons per Day (GPD) plant in Jeddah, Saudi Arabia.
The company started strategic alliances and assigned dealers to assist with expansion and sales of the BioShaft technology in the Middle East.
Zuhier A Zahran & Company (“ZAZ”) - a leading general contractor – and BioShaft have formed a strategic alliance to work on projects in Jeddah, Saudi Arabia and other parts of the region.
National Water Works Company (“NWWC”), based in Riyadh, Saudi Arabia is now an authorized dealer of BioShaft technology. NWWC is located in Riyadh, Saudi Arabia with many branches around the Kingdom.
Currently, there are two plants under construction in Jeddah, Saudi Arabia with capacities of 3960 GPD & 7920 GPD.
Bioshaft continues to work on potential projects in the United States and Mexico. Recently it presented a proposal for a 525,000 GPD plant for a resort in South Baja California, Mexico.
In August of 2010, Sam Ariss joined BioShaft Water Technology as the Vice President of Finance and New Business Development in North America. Mr. Ariss has a Master’s degree in Business Finance and Management. In addition, he has a Master’s degree in Biomedical Engineering and a Bachelor of Science in Mechanical Engineering from the University of Texas. He has over 32 years of combined experience in engineering, real estate finance and development.