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Global Water Technologies releases annual shareholder letter.
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March 4, 2010
Global Water Technologies reaches settlement in legal matters
INDIANAPOLIS, March 4 /PRNewswire-FirstCall/ -- Global Water Technologies, Inc. (Pink Sheets: GWTR) has reached a settlement in the case of Littman v Kast, et al., Case No. 2009CV-004969 in the Denver District Court.
As the result of the settlement, a total of 195,838,346 shares of Global Water common stock will be returned to the company treasury. The company also acquired a provisional patent application filed on February 10, 2009 and has taken steps to complete a non-provisional filing for the invention, which relates to the use of forward osmosis in produced water.
According to the company's bylaws, the returned shares will initially have the status of authorized and unissued. The total authorized shares remains at 1 billion, the same amount as reported at the end of 2008.
"This settlement reflects the best efforts to resolve complex matters in a fair manner for all stakeholders," said Erik Hromadka, president and CEO of Global Water.