STW Resources Holding Corp. and GE Reach an Agreement, to Reduce STW's Debt by Over $9.8 Million From $11.2 Million
MIDLAND, Texas, Sept. 20 /PRNewswire/ -- STW Resources Holding Corp. ("STW Resources"), a water reclamation services company, announces that it has reached an agreement terminating STW's previous obligation for capital equipment contracted under a Purchase Order from GE Ionics.
The new agreement will settle STW Resources' previous obligation to GE Ionics Inc. of nearly $11.2 million, through a payment plan for $1.4 million secured by a promissory note. This will clear the path for a future business relationship, by resolving all claims related to the purchase order.
Stanley Weiner, chief executive officer of STW Resources, said, "We are pleased to have reached this mutually beneficial agreement, and believe it is in the best interests of both companies going forward. The result of this agreement will strengthen STW's balance sheet, greatly benefiting shareholder value as the company expects to begin trading during September of this year."
About STW Resources
STW Resources Holding Corp. is a water reclamation services company which provides customized, cost-effective water solutions for oil and gas producers, municipalities, and environmental remediation projects. STW's process assesses each customer's water reclamation needs and provides consultation and oversight on all project phases. As an independent solutions provider, STW utilizes technologies from various manufacturers with proven technology. STW deploys an owner/operator model in which the manufacturers will maintain and warranty the equipment. Our revenue model includes multiple water reclamation applications. Throughout our process the most efficient technology is implemented to obtain a profitable and financeable ROI on each project. STW's expanded growth model employs a joint venturing strategy with manufacturers, oilfield service companies, producers and other water reclamation companies.
SOURCE STW Resources Holding Corp.