AquaCell Restructures Subsidiary To Prepare For Spin-off
Subsidiary Renamed and New Management Team Hired
Rancho Cucamonga, CA — AquaCell Technologies, Inc., a company that markets and manufactures various water filtration and purification products including applications for industrial, commercial, institutional and residential use, announced today that it has renamed its Tempe, AZ-based Water Science Technologies, Inc. (WST) subsidiary Aquacell Water, Inc. and has hired a new operating management team to oversee this company. Upon effectivity of the Form 10 Registration Statement, expected in Fall 2005, Aquacell Water, Inc. will be spun off to the AquaCell Technologies, Inc. stockholders.
"Originally, we had formed a new subsidiary company named Aquacell Water that was going to acquire WST after being spun-off," said Gary S. Wolff, Chief Financial Officer of AquaCell Technologies, Inc. "By just changing the name of WST to Aquacell Water, we will accomplish the same end-result in a simpler transaction."
Mr. James C. Witham, Chief Executive Officer of AquaCell Technologies, Inc., continued, "Along with renaming our subsidiary, we have assembled an impressive and accomplished new management team. This group has worked successfully as a cohesive team for quite some time. Therefore, we are more confident than ever that we are positioned to significantly increase the amount of business we obtain from the ever-expanding $500 billion water treatment industry moving forward."
Spearheading the newly hired operating management team is Dennis Tharan, Executive Vice President and Chief Operating Officer of Aquacell Water. Along with Mr. Tharan's strong management experience, he is an expert in water treatment having served the industry for over 31 years in various capacities. In addition, Mr. Tharan holds numerous water treatment related licenses and certifications.
Joining the team are Mr. Robert L. Roberts and Mr. Thomas Hebert. Mr. Roberts, an industrial engineer with over 10 years experience in the water industry, joins Aquacell Water as Vice President of Sales and Engineering. Mr. Roberts brings extensive knowledge and expertise in ultra-filtration and high-purity systems. Mr. Roberts has designed numerous systems for use in municipal water treatment, industrial manufacturing, medical applications and the military.
Mr. Hebert joins Aquacell Water as Vice President of Service and Technical Support. Mr. Hebert has over 20 years experience in the water treatment industry and is recognized as a top technical expert with extensive global experience in installation and service. Mr. Hebert is experienced in all levels of water treatment including system design and fabrication.
Enhancing the team is the addition of two significant positions that will assist in the execution of our aggressive business plan including an experienced sales associate specializing in sales of water treatment equipment to Mexico and Latin America, and a seasoned purchasing agent with over 15 years buying experience in the water industry who will be able to utilize her knowledge and relationships to benefit the Company going forward.
SOURCE: AquaCell Technologies, Inc.