(MENAFN- News Direct) Denver, CO | May 05, 2023 08:30 AM Eastern Daylight Time
Umbra Applied Technologies Group, Inc's (OTC: UATG) subsidiary, H2O Processing, announced today that, it has received two separate letters of intent. Under the proposed funding agreements, the bank would provide a credit facility through the SBA 7(a) loan program. The credit facility is provided by an SBA National Preferred Lender, institutional banking services provider and one of the few bank-owned vehicle and fleet leasing groups in the nation.
H2O Processing Chief Executive Officer, Stan Abrams stated,” We are working within an expedited SBA process through a major bank. This shortens the processing time which allows for SBA funding to be issued within very short cycle.”
Each of the proposed lending facilities would provide $500,000 in initial working capital for a total of $1 million. The capital is to support the equipment delivery of the Company's proprietary Iron Removal System and ancillary services under the previously announced contracts. Under SBA 7(a) loan program each loan could be increased to up to $5 million each.
Chairman of H2O Processing parent company, UAT Group, Alex Umbra commented,“Additional news on production scheduling for the build out of these units, delivering those units onsite, and revenue guidance from units will be forthcoming.”
H2O Processing is a manufacturing, research and engineering company, with extensive experience in the water and crude oil treatment industry. With an expanding portfolio of intellectual property, the H2O team has just recently begun its expansion as a full-provider and manufacturer of mobile on-site and fixed commercial water and crude oil treatment platforms.
In conclusion, Mr. Umbra declared“This achievement is a transformative event in our corporate history and an incredibly significant achievement. A great deal more work is ahead of us as our team moves forward to capitalize on this event.”
The Company continues to work on additional non-dilutive financing to build and construct their proprietary Iron Removal Systems for the oil industry as outlined in prior news releases.
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About H2O Processing, Inc.
The Company is located in Denver, CO, and is an advanced water and oil treatment technology company.
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Forward-Looking Information
This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and/or a secondary listing as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of H2O Processing including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. H2O Processing does not assume the obligation to update any forward-looking statement, except as required by applicable law.