Annual Technology Licensing Fee of US$1,000,000

CWTI Receives Advanced Payment of US$150,000

JV Operating Expenses to Be Covered by Separtis

Contracts for Commercial Full Scale Water Treatment Systems

GUELPH, Ontario, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) ("CWTI" or "the Company" or "the Corporation") is pleased to provide additional information on the proposed Joint Venture (JV) with Separtis Technologies Global Pte Ltd of Singapore (“Separtis”) (MOA announced February 3, 2023). CWTI will provide Separtis with exclusive sales and marketing rights to the Company’s portfolio of innovative electrochemical technologies, whereas Separtis will guarantee the financing necessary for the first five (5) years of operation for the JV. CWTI and Separtis will jointly contribute towards the development and assembly of a pipeline of potential water treatment projects in Australia, Canada and the United State in the municipal sector, as well as the following industrial sectors: agriculture, fertilizer, food, mining, and oil and gas. Each of CTWI and Separtis will appoint two directors to the board of the JV.

Upon execution of the Definitive Agreement on or before February 28, 2023, CWTI shall receive US$1,000,000 Annual Licensing Fee. CWTI receives US$150,000 advanced payment. Separtis shall award the JV contracts for four (4) commercial full-scale waste water treatment plants, and the design and the construction of the waste water treatment plants will be contracted to CWTI. The basic design and engineering program for the initial project is expected to commence Q2 2023. Furthermore, Separtis will support the launch of the JV by covering the operating expenses of the JV and the Licensing Fee to CWTI until such time as sufficient income is generated to sustain the business, or for the first five (5) years, whichever is sooner.

Dr. Gene Shelp, CEO, said, “CWTI expects that the baseline revenue associated with the establishment of the JV will ensure the financial stability of the Company without the need to raise additional capital in the near term to support commercial activities and technology development. Furthermore, CWTI will retain all ownership of its intellectual property.”

“We believe the proposed strategic sales and marketing partnership is a fitting culmination of a decade of scientific research and development that has succeeded in creating innovative solutions that assist municipalities and industry to effectively manage nitrogen compounds such as aqueous ammonia and nitrate/nitrite and the greenhouse gas nitrous oxide. Our initial success was the development of the AmmEL electrochemical water treatment plant, which converts ammonia in waste waters into environmentally friendly nitrogen gas without producing any byproducts that are either toxic to aquatic ecosystems or contribute to climate change. Recently, the Company made a major advancement with the development of the AmmEL-H2 system, which adds revenue streams from the production of Green Hydrogen and a valuable disinfectant, and from the generation of carbon credits.”

About Separtis Technologies Global Pte Ltd and Subsidiary Separtis (Separtis)

Separtis Technologies Global Pte Ltd is a Singapore registered technology platform that is focused on waste management and utilization. Its subsidiary, Separtis, is an innovative, Australian technology company operating in the waste management, remediation & recycling sector. Separtis is involved in the development and implementation of technology that solves perplexing global environmental problems. From innovative, mobile wastewater treatment systems, to new plastic recycling processes, to destruction of microplastics in the ocean, to smart recovery of metals from e-waste and mine tailings, Separtis is focused on using advanced engineering solutions to improve our planet.

About Current Water Technologies Inc.

Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the production of Green Hydrogen and to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, oil and gas, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated operates as a division of the Company and continues to function as an integrated pump station manufacturer specializing in custom design and automation.

The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO

Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: [email protected]
Web Site: www.currentwatertechnologies.com

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.