Discouraging news regarding former GWTR Chairman Of The Board. He has pleaded guilty to a credit union ponzi scheme. Could face up to 23 years in prison when he is sentenced in September.
July 1, 2010
Global Water Technologies announces management changes, updates share information
INDIANAPOLIS, July 1, 2010 -- Global Water Technologies, Inc. (Pink Sheets: GWTR) has reached an agreement to continue the services of Erik Hromadka as its CEO and accepts the resignation of board chairman Timothy J. Coughlin and board member and CFO David Treacy.
Hromadka initially agreed to serve as interim CEO through June 2009 and has continued to serve in that position for the past year. “Although we have made considerable progress in stabilizing the company and successfully concluding the litigation that began last summer, there is still much work to be done,” Hromadka said. “We continue to believe there are significant opportunities in the water technology space and thank all the company's stakeholders for their support during this period of rebuilding.”
The company issued a $315,000 note to Coughlin for funds and services provided to Global Water since 2008. The company also announces that a stock certificate for 63,581,217 shares that was issued at the end of 2008 is being returned to the company treasury. Upon the cancellation of this certificate, the number of outstanding common shares will be 760,580,437. The number of total authorized shares remains at one billion.
As noted previously, Global Water Technologies plans to use treasury shares to fund operations and develop new business opportunities.
Nominations for new board members have been opened. Hromadka will serve as chairman and CEO and Tony Sandlin will serve as secretary and treasurer.
Additional information is available on the company's web site at: www.gwtr.com.
ABOUT GLOBAL WATER TECHNOLOGIES:
Global Water Technologies, Inc. (GWTR.PK) is a “clean technology” water treatment and services company providing innovative non-chemical and filtration technologies. Global Water seeks to develop and commercialize proprietary technologies to improve water efficiency.
FORWARD LOOKING STATEMENT:
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements
