RNS25 Apr 2018 08:48
Q1 Corporate Development
As noted above, during March we completed a fundraising round of approximately $7.5 million with both an equity issuance ($5.8 million) to strengthen our investor base and expansion of our debt facilities ($1.7 million of new availability) to provide a non-dilutive complement that is supported by the strength of our business model. In particular, the fundraising expanded the Group's institutional investor base on both sides of the Atlantic. This international capital formation is geared for fulfilling our vision of a multinational growth company.
Our expressed use of proceeds is geared primarily towards enhancing operational scale along the trading lines discussed above. Since the fundraising, the Group has completed the acquisitions of the Louisville, Kentucky and Bakersfield, California franchises. The pipeline of opportunities to expand into new territories remains strong. In addition, the Group plans to reinforce the "Intelligence" dimension of Water Intelligence. Our corporate DNA already emphasizes the use of technology to solve problems of water infrastructure. We plan to add to this technology profile through partnerships announced and developed during Q1 with "AI-first" (Artificial Intelligence) home services product companies, such as Flo Technologies, and video solutions companies, such as Tagasauris. Such partnerships will help define the Group's brand as a technology company that provides leading-edge products and services to address the global problem of water loss.
Patrick DeSouza, Executive Chairman of Water Intelligence, commented: "We are enthusiastic about our mission. Solutions to the problems of water loss are in increasing demand irrespective of one's perspective on economic cycles. With its strong base of business, Water Intelligence is just at the beginning of its upward journey given the increasing saliency and cost of water worldwide. We have had a good start to the year and we look forward with confidence."
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