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This press release was originally distributed via the eWire press wire service (2002–2016). It is preserved here as a historical record.
Hyaton Completes First Phase Of New Role As A Solutions Provider To The Global Water Crisis
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
Hyaton Completes First Phase Of New Role As A
Solutions Provider To The Global Water Crisis
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For Immediate Release
Hyaton Completes First Phase Of New Role As A
Solutions Provider To The Global Water Crisis
HYATON enters into Letter of Intent to acquire company with proprietary rights to produce potable fresh water from seawater using solar energy.*
Further acquisitions under review to enable HYATON to group technologies and offer turnkey approach to water creation, preservation and use.*
HYATON begins to assemble international development team.
CANADA, BRITISH COLUMBIA, KELOWNA, Jul. 13 -/E-Wire/-- The Company announces that it has reached agreement to acquire 100% of the shares of a private company called Sunspring Inc. ("Sunspring") from Solar Energy Limited ("XSEL"), a public company listed on the OTC BB. In consideration for all of the issued and outstanding shares of Sunpring, Hyaton has agreed that it will issue from treasury 10,000,000 of its common shares.
The planned acquisition is the first step in Hyaton's proposed new corporate development strategy of becoming a major international provider of alternative and sustainable solutions to the current global water crisis through the integration of compatible technologies in the areas of water production, conservation, cleansing, storage, delivery and utilization.*
"If we could ever competitively at a cheap rate, get freshwater from sea water, that would be in the long range interest of humanity (and) would dwarf any other scientific accomplishments." President John F. Kennedy, April 12, 1961
An increasing number of countries are experiencing water deprivation and suffer from chronic water shortages which, according to a United Nations study, will, without immediate remedy, place 2/3 of the world under what it describes as water stress. This is caused by accelerated demand from a rapidly growing population and exacerbated by a depletion of available water due to uncontrolled and rampant pollution of vital aquatic ecosystems and groundwater aquifers.
The reality is that a global water crisis is in the making and the United Nations has estimated that the cost of averting it would require annual expenditures of US$75 billion rising to US$180 billion by 2005 when world population would reach 8.3 billion. The countries most at risk are developing countries in most of Asia, South and Central America, Africa and East European countries, where affordability in taking corrective action is a major concern.
Some 50% of the population in the world does not have enough water and the bulk of these straddle the equator where solar energy and seawater are plentiful. " â¦3.35 billion cases of illness and 5.3 million deaths caused each year by unsafe waterâ¦." " â¦every 8 seconds, a child dies from a water related illnessâ¦."
Sunspring is a Nevada company that was formed specifically to produce bulk potable water, pristine enough for human consumption, yet inexpensive enough for agricultural purposes, by using solar energy to convert sea or brackish water into potable water. Sunspring's assets primarily consist of its intellectual property rights for the process of converting sea or brackish water to potable water and include certain patents or patents-pending and exclusive global licenses to use patented concepts designed by XSEL. The assets also include existing proof-of-theory prototypes and equipment, parts, supplies located at Sunspring's office/lab in Los Alamos, New Mexico.
Sunspring's patent pending process, called collectively "H20 NOW", minimizes the cost of energy by using solar collectors attached to a transducer to collect and store the solar energy, which in turn is attached to a reverse osmosis system. The system has been designed so that it can use its own patent-pending solar collector or other widely available off-the-shelf solar collectors, depending on the particular circumstances. The Sunspring technology is capable of producing freshwater from sea or brackish water.
The various existing desalination plants that produce fresh water from seawater require so much energy that the water produced is too expensive for anything but drinking. The target is to produce fresh water at less than US$0.50 per 1000 gallons. (less that $0.13 per cubic meter). Normal reverse osmosis plants produce water in the range of $3-$6 per 1000 gallons. depending on the size of the plant and on the cost of energy.
Completion of the acquisition is subject to completion of due diligence by and satisfactory to each of the companies and approval of the directors, and if necessary, the shareholders of each of Hyaton and XSEL. On closing of the acquisition, XSEL will have the right to nominate 2 of 6 directors to Hyaton's board of directors and 2 of 5 directors to Sunspring's board of directors. The acquisition is also subject to the preparation and execution of a definitive acquisition agreement. At the time of closing of the acquisition, Hyaton is to provide no less that $1,000,000 in working capital for use by Dr. Reed Jensen and Dr. Melvin Pruett (both formerly with Los Alamos National Laboratory) to proceed with the continued development of Sunspring's patent-pending technologies.
Legal Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements", including forward-looking statements as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this press release have been identified with an "*" and include statements regarding:
(a) Hyaton anticipating that it will enter into satisfactory agreements and complete the acquisition of Sunspring; and (b) Hyaton anticipating that it will become a major international provider of alternative and sustainable solutions through the integration of compatible technologies in the areas of water production, conservation, cleansing, delivery and utilization; and (c) Hyaton predicting that it will be able to turn Sunspring's process of converting water into a commercially viable process.
It is important to note that Hyaton's actual results and outcomes may differ materially from those contained in the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties such as unforeseen difficulties in negotiating and executing binding agreements for and completing the acquisition of Sunspring, unforeseen difficulties in merging and integrating the businesses and technologies of Sunspring, emergence of companies with competing or superior technologies, insufficient demand and market acceptance of Sunspring's conversion process if and when such process is completed and commercially available, unforeseen claims in connection with Sunspring's intellectual property rights, the inability for Hyaton to raise the capital necessary to sufficiently build and test a full scale prototype of Sunpring's conversion process and the overall success of Hyaton and its subsidiaries in general.
Although Hyaton believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Readers should refer to the risk disclosures outlined in Hyaton's annual report of Form 10-K for the fiscal year ended December 31, 2000 and its other periodic reports filed from time-to-time with the Securities and Exchange Commission.
"Hyaton's mission is to offer integrated sustainable solutions to the global water crisis through advanced technologies."
HYATON ORGANICS INC.
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