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HERTS, United Kingdom, Nov. 16, 2024 (GLOBE NEWSWIRE) -- Zhuding International Limited (OTC: ZHUD), a Nevada corporation, and Automated Water Solutions Inc., (AWS), a Texas corporation, are pleased to announce the signing of a Reverse Merger Agreement for the acquisition of AWS by ZHUD that will result in AWS having control over ZHUD. The effective date of the merger is 10/31/24.
An application for name change has been filed and the new name of the entity will be Automated Water Solutions Inc.. A stock symbol change will be forthcoming also. The new board of directors will be W. Kyle Lewis, John H. Slocum, Dennis M Sheib, Josh Cohen, and Jon M. Andrews.
Automated Water Solutions Inc. “AWS” started as a vision over five years ago of where produced water recycling efficiency needed to be. Research and observation of the technologies that go into making produced water reuse effective and economical has culminated into this company. Utilizing automation throughout the water clean-up process and efficient G&A cost allows our cost per barrel to be lower than our competitors and ultimately save the customer millions of dollars per year while providing a product that is consistent to their specifications.
AWS will provide customers with a superior process for recycling produced water using Ozone and nanobubble technology whether it be a complete TSS removal process or a more simple disinfection and filtration process. Both processes are completely automated and volumes of up to 80,000 barrels per day of throughput can be achieved. AWS will have turnkey options for customers including above ground storage tank (AST) rental, frac pond construction, generator rental, skim oil recovery and automation installation in addition to our produced water recycling systems.
Controlled Investments acted as an Advisor to the Transaction. Controlled Investments is a capital investment firm led by Josh Cohen that has raised $310 million in committed capital this year and has acted as an advisor or co-advisor to over $1.3 billion in consummated transactions over the past decade.
As a result of AWS and its technology capabilities, both parties anticipate a bright future for present and future shareholders.
As part of the transaction, AWS will will pay Belisarian Holdings, LLC. $325,000 over a six-month period and issue to the same a two percent equity stake, which is subject to a two-year holding period, in settlement of debts owed to Belisarian and in consideration of the sale of preferred stock held by Belisarian. Controlled Investments is a guarantor on this transaction.