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FRIEDBERG, Germany -- VG Tech Inc. (VGTE) announced that its wholly owned subsidiary, Aqua Society GmbH, has reached a non-binding agreement in principle to acquire a 25.1% interest in WAT-membratec GmbH for about 300,000 euros (US$387,901).
The proposed acquisition will allow the company to expand and strengthen its long standing relationship with WAT GmbH and its principal shareholder, Rolf Haake. Haake currently acts as a consultant to Aqua Society and is in charge of research and development activities for Aqua Society's Water Purification Department.
WAT GmbH owns 100% of WAT-membratec GmbH Co. KG, a German limited partnership. WAT KG has been involved in the manufacturing of water and wastewater treatment and filtration systems for 25 years. Its water treatment and filtration systems are utilized worldwide by companies involved in metal processing and pharmaceutical and chemical production as well as in laboratories, research institutes, universities and hospitals. WAT KG has reported sales of between EUR 2.52 million to EUR 3.00 million over the last five years, however these numbers have yet to be verified by the Company.
Aqua Society is a German company with limited liability that is in the process of developing technologies for application in the fields of refrigeration and water purification. Currently Aqua Society has developed a working prototype of an apparatus for extracting potable water from the atmosphere and is in the process of developing technologies for optimizing the energy consumption of refrigerating units and refrigerated shipping containers.
Web site: http://www.aqua-society.com/
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