Whatever happened to Creationworks?
June 20, 2011 12:15 | Source: EnviroXtract, Inc. EDMOND, Okla., June 20, 2011 (GLOBE NEWSWIRE) -- EnviroXtract, Inc. (Pink Sheets:EVXA) announces that it has entered into an Asset Purchase Agreement on June 18th to acquire the assets and business operations of Creationworks, Inc. The purchase includes worldwide applications for patents and licenses for desalinization technologies currently owned and developed by Creationworks. Under the terms of the Agreement, new officers and directors would be immediately elected.
James Cheney, President of Creationworks, Inc., has been elected as the new CEO of EnviroXtract, Inc. Former members of Management have agreed to remain as directors for a period of up to 60 days to assist with the Company's transition.
Under new Management, the Company intends to embark on a new path for EnviroXtract. Mr. Cheney indicated that significant changes to the Company's business structure are already in process that he believes will benefit the Company, its investors, its stock, and its shareholders. Details will be forthcoming .
Regarding desalinization, the Company's new CEO, James Cheney, says, "The world is running out of clean, fresh water. Fresh water is the most precious commodity on Earth. It is necessary for human existence, yet the vast majority of fresh water supplies in the major population centers of the world, such as China, India, Africa, and Latin America, are too polluted for drinking, fishing, or even bathing. While global warming is certainly a huge global issue, people can still live with global warming, but humans will die without water."
Mr. Cheney goes on to say, "There is no shortage of water on Earth. The planet's water is part of an infinite closed-loop hydrologic system that continues the natural process of evaporation, condensation, precipitation, and infiltration. Our water is not going anywhere except in a circle. The problem is that most of the world's water is returned to our oceans in the form of saltwater and must be desalinated before it can be used for drinking, bathing, farming, or most other commercial and industrial purposes. Desalinization is possible, but it is an expensive process."
Creationworks has demonstrated an efficient vacuum desalinization process that it believes will become a strategic link in the business model of EnviroXtract. The Company believes the key to success with desalinization is making the process more efficient and consequently more affordable. Governments and industry throughout the world are eagerly seeking and investing in desalinization technologies that can operate more efficiently in creating this essential resource… clean, fresh water.
The Company plans to quickly incorporate Creationworks' desalinization technologies into its business model. Funding projects that require minimum capitalization and can be scaled to produce revenues quickly will become the primary focus of Management at this time. Commercial applications requiring large capital expenditures to manufacture in order to produce revenues, such as oil remediation, must remain a lower priority until adequate funding is raised to pursue commercial applications of these technologies. The Company recognizes the logistical and financial challenges required to become a viable participant in the environmental industry and is committed to making necessary changes in Management and its business model in order to successfully overcome these challenges and become a leader.
June 20, 2011 12:15 | Source: EnviroXtract, Inc. EDMOND, Okla., June 20, 2011 (GLOBE NEWSWIRE) -- EnviroXtract, Inc. (Pink Sheets:EVXA) announces that it has entered into an Asset Purchase Agreement on June 18th to acquire the assets and business operations of Creationworks, Inc. The purchase includes worldwide applications for patents and licenses for desalinization technologies currently owned and developed by Creationworks. Under the terms of the Agreement, new officers and directors would be immediately elected.
James Cheney, President of Creationworks, Inc., has been elected as the new CEO of EnviroXtract, Inc. Former members of Management have agreed to remain as directors for a period of up to 60 days to assist with the Company's transition.
Under new Management, the Company intends to embark on a new path for EnviroXtract. Mr. Cheney indicated that significant changes to the Company's business structure are already in process that he believes will benefit the Company, its investors, its stock, and its shareholders. Details will be forthcoming .
Regarding desalinization, the Company's new CEO, James Cheney, says, "The world is running out of clean, fresh water. Fresh water is the most precious commodity on Earth. It is necessary for human existence, yet the vast majority of fresh water supplies in the major population centers of the world, such as China, India, Africa, and Latin America, are too polluted for drinking, fishing, or even bathing. While global warming is certainly a huge global issue, people can still live with global warming, but humans will die without water."
Mr. Cheney goes on to say, "There is no shortage of water on Earth. The planet's water is part of an infinite closed-loop hydrologic system that continues the natural process of evaporation, condensation, precipitation, and infiltration. Our water is not going anywhere except in a circle. The problem is that most of the world's water is returned to our oceans in the form of saltwater and must be desalinated before it can be used for drinking, bathing, farming, or most other commercial and industrial purposes. Desalinization is possible, but it is an expensive process."
Creationworks has demonstrated an efficient vacuum desalinization process that it believes will become a strategic link in the business model of EnviroXtract. The Company believes the key to success with desalinization is making the process more efficient and consequently more affordable. Governments and industry throughout the world are eagerly seeking and investing in desalinization technologies that can operate more efficiently in creating this essential resource… clean, fresh water.
The Company plans to quickly incorporate Creationworks' desalinization technologies into its business model. Funding projects that require minimum capitalization and can be scaled to produce revenues quickly will become the primary focus of Management at this time. Commercial applications requiring large capital expenditures to manufacture in order to produce revenues, such as oil remediation, must remain a lower priority until adequate funding is raised to pursue commercial applications of these technologies. The Company recognizes the logistical and financial challenges required to become a viable participant in the environmental industry and is committed to making necessary changes in Management and its business model in order to successfully overcome these challenges and become a leader.
