Waterite Technologies to Acquire Olympic Water Conditioning

May 5, 2006

Waterite Technologies, Inc., headquartered in Winnipeg Manitoba, announced that it has reached an agreement to purchase all outstanding shares of Olympic Water Conditioning, Ltd. for an undisclosed sum. Olympic is located in Winnipeg and has served the water conditioning industry since 1985.

Olympic’s operations will continue unchanged. As a sister division to Waterite’s Filtrex division of Coquitlam, BC, Olympic will continue focusing on trade and end-user ICI sales in the central Canada region including Manitoba, Saskatchewan and NW Ontario. Doug Pylatuk, former owner and operator of Olympic, will manage this new sales division. Olympic’s assembly, warehousing and administration services will be consolidated at Waterite’s Winnipeg, Manitoba facility. It is expected that this consolidation process will be completed by August 1, 2006.

Paul Jacuzzi, president and CEO of Waterite Technologies, said, “The addition of Olympic will allow the company to more fully develop the central Canadian sales region, with a special emphasis on the institutional and commercial markets. This merger will bring a broader array of products and services to our expanded customer base, new opportunities for sales growth and the promise of enhanced performance for our shareholders.”

Source:

Waterite Technologies, Inc.

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