Remarkable RAKR article in local news. Definitely not your average penny.
"A Peterborough start-up company has become a publicly traded company.
Rainmaker Worldwide Inc. began trading last month as a NASDAQ over-the-counter stock under the stock trading symbol RAKR.
It's the first time an investment by the Peterborough Region Angel Network has gone public. PRAN has invested $2.5 million in the company.
Listing as a stock allows th"e company to consider strategic mergers and acquisitions, attract and retain the highest caliber employees with offers of company stock and provide greater access to capital at a lower cost, according to a release from the Greater Peterborough Innovation Cluster.
Created in 2012, Rainmaker is a cleantech company' offering communities and businesses around the world a new decentralized approach to clean water production.
Peterborough area residents Michael O’Connor, chairman and chief executive officer, and Michael Skinner, chief strategy officer, have helped the company expand production worldwide.
The company has two product lines to achieve the creation of purified water, through the use of solar, wind, grid and generator solutions. Both systems are 100 per cent sustainable using renewable energy without the use of chemicals, leaving no damaging footprint.
O'Connor and Skinner are giving 10,000 of the company's shares to the Innovation Cluster, which in turn can be used to support the grown of other new tech companies in the Peterborough area.
“We are very appreciative of the 2.5 million-dollar investment that PRAN members gave Rainmaker Worldwide,” O’Connor stated. “It occurred at a pivotal moment in time when other types of traditional financing were not available and it ensured that we would expand our business.”
The company has shareholders made up of both individuals and companies throughout North America, Europe and the Middle East, the release states
“Rainmaker is a key example of how a cleantech startup has the potential to grow and create worldwide solutions when given support,” Skinner stated. “The collaboration between PRAN and local startups make Peterborough a well-positioned region for determined entrepreneurs to thrive.”
PRAN continues to support local companies, notably in the technology innovation sector.
“When startups are successful, it is essential to continue investing support into innovative tech companies just starting out their journey,” stated Yves Lafortune, executive director of PRAN.
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