Company chairman Michael J. Zwebner, announced today the formation of AirWater Corporation, to be a wholly owned subsidiary of Universal Communications Systems Inc.
AirWater Corp. will operate in the new field of high tech water extraction from air, and to that end, has acquired international manufacturing and marketing licenses, as well as patent and copyright rights from J.J. Reidy & Co., Inc. of Holden, Mass. J.J. Reidy & Co., Inc. are the registered patent holders of four separate patents covering the concept, with others pending in many foreign countries.
Under the terms of the agreement, the company will issue 4 million common shares, restricted under SEC rule 144, as well as make a one time cash payment of $100,000 to J.J. Reidy & Co., Inc. In addition, the company has agreed to enter into a royalty agreement with J.J. Reidy & Co., Inc. and will pay ongoing royalty fees of 4 percent on all gross sales of products on a global scale.
Furthermore, the company is in final stages of exclusive negotiations with an established Solar Panel manufacturer to design and manufacture unique and exclusive high tech "solar panels" for use with the air to water extraction units, thus enabling them to operate in high heat and humid areas of the globe with little or no power sources needed, nor have little if any power running costs associated with them.
In a statement issued in Miami today, Michael Zwebner stated: "We have identified huge markets for this unique and exclusive product. We intend to set up manufacturing facilities, as well as market and distribute this product ourselves, and in quick order attain a dominant market position in the world. To this end, we have already identified governmental and international markets that are keen to purchase this unique new product from us. We plan to fully exploit this opportunity."