PureSafe Executes Significant Financial Restructuring With Its Major Holder
NEW YORK, July 14, 2015 /PRNewswire/ -- PURESAFE WATER SYSTEMS, INC. (OTCBB: PSWS), a leading manufacturer of a unique patented mobile water filtration system, announced today that it has executed an exchange agreement with Tarpon Bay Partners LLC, its major shareholder, whereby all securities held by Tarpon, including its common stock position, have been retired in exchange for a newly issued $750,000 Note. PureSafe estimates that in excess of one billion in both shares issued and to be issued have been saved by virtue of the agreement.
Additionally, Tarpon executives, who became Officers and Directors of the Company in April of 2014, have resigned their respective positions. Stephen Hicks commented: "Tarpon recognized that its agreement with PureSafe had resulted in it receiving more shares than was originally anticipated under the formula specified in its contract with the Company. Moreover, we are happy to have restructured our position to benefit all shareholders. Further, we have accomplished our specified goals, namely to: 1) change the strategic direction of the Company to include agriculture, industrial, and fracking applications, in addition to emergency response, 2) restructure major portions of the Company's balance sheet and to bolster its financial infrastructure, 3) hire a new Sales & Marketing Director and 4) bring the Company current in its financial reporting which is anticipated in the next week or so."
Leslie Kessler, PureSafe CEO, commented: "PureSafe would like to thank the Tarpon team for their tireless work in bringing the Company forward to its present position. I believe PureSafe is poised for success now that we are completing the restructuring of the Company. These accomplishments will result in a positive benefit to all of our shareholders."
About PureSafe
PureSafe Water Systems, Incorporated (OTCBB: PSWS), is a publicly held US company traded with a unique patented mobile water filtration system that was designed to be both an emergency response water filtration system, as well as, a permanent solution where drinkable water is not available. The self-contained and self-powered PureSafe System can be mobilized to a site and within 30 minutes will be producing drinking quality water from flood waters, surface and fresh water, desalinating ocean and/or brackish waters. This mid-range, 30,000 gallon per day system has also found a huge application in known contaminated water sources where water clarity, water borne disease and high bacteria content exist, and where mobile, self-contained systems are applicable to bring clean water to the population wherever they are located. The system can dispense water in bulk, by container or in half liter plastic bags, to suit the situation.
SOURCE PureSafe Water Systems, Inc. (PSWS)
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