CARY, NC -- (Marketwire) -- 08/12/10 -- Solarbrook Water and Power Corporation (PINKSHEETS: SLRW) would like to provide an update on the status of several key company issues and initiatives.
In an effort to improve the company's current share structure, Solarbrook has recently reduced its outstanding shares by 97,032,000 shares. This action was taken after the board of directors unanimously voted to execute a stock buyback from some large corporate shareholders and represented a reduction in the outstanding shares of over 15%. The company is actively pursuing similar negotiations with other large shareholders in order to further improve its share structure and continue to increase shareholder value.
The company also announced that it has been upgraded on the Pink OTC Markets to the Current Information tier. This action confirms the company's commitment to transparency and brings Solarbrook Water & Power closer to moving back to the OTCBB exchange.
Solarbrook is continuing to experience significant sales growth and is seeing increased interest in the company and its products from potential customers. The company sales force continues to issue new proposals in the Mid Atlantic region and is also presently in discussions with new prospects in the Gulf Coast refinery areas related to wastewater treatment. Among Solarbrook's current installation projects underway are wastewater treatment systems in Wake County, NC and Aqua Culture systems in Eastern NC. Additionally the company's Chinese distributors are moving forward towards finalizing their system certification.
This month the company has completed a study of the wastewater municipal market in the United States. The study showed that with 30% of the 171,400 U.S. based lift stations experiencing odor control problems; the cost to solve this issue is over $46 billion dollars, using the company average cost for Solarbrook's Plus system. Based on those numbers the company concluded that achieving a market share of only half of one percent (.005%) would create sales in excess of $231million dollars.
The aquaculture market is also expanding at a fast rate and is creating the need for more efficient solutions to aeration and alga control problems. Solarbrook's patented aeration technology is a very significant and viable solution for what is now a $70 billion dollar aquaculture market. The company currently has systems installed on aquaculture farms in the Eastern United States and is doing ozone studies in order to confirm the data on alga control. Providing more effective solutions to this area has opened up a worldwide market for Solarbrook.
'In the last two months our company has taken some giant steps forward that we expect will propel us into the future,' stated Solarbrook Water & Power CEO George Moore. 'Our commitment to our shareholders is our top priority and we will continue to be proactive in reducing the outstanding shares, improving the share structure, and will work towards returning to the OTCBB in the near future.' Mr. Moore continued, 'The sales growth we are seeing is very encouraging and is a sign that we have recaptured whatever momentum may have been lost due to the recession.'
Earlier today a very rough draft of today's intended press release was erroneously distributed. It was never intended for release and was only a loose draft of the key points of today's news. We apologize for this mistake and we deeply regret any confusion it may have caused.
About Solarbrook Water and Power Corporation
SolarBrook Water and Power Corporation, headquartered in Raleigh, North Carolina, maintains a core focus of seeking out synergistic acquisitions that will provide capital appreciation and income for its portfolio companies. The mission of Solarbrook is to acquire and develop innovative technologies and businesses that will improve the quality of water throughout the world by means of detection, treatment and removal of contaminants. Solarbrook also seeks to provide integrated clean power alternatives for remote and off-grid systems, further expanding market potential. For more information, please visit www.solarbrookwaterandpower.com
Statements regarding financial matters in this press release other than historical facts are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Solarbrook Water & Power Corporation