PENNINGTON, N.J., Sept. 26, 2005 (PRIMEZONE) -- The U.S. Trade and Development Agency (USTDA) has awarded $360,000 in grant funds to WorldWater & Power Corp. (OTCBB:WWAT) to support a pilot project for water supply in Sri Lanka. The project is designed to assess solar technology methods to provide safe, sustainable water supplies to people in six villages near the tsunami-ravaged southern coast of Sri Lanka.
Subject to satisfactory results of WorldWater's ground water assessment study, WorldWater anticipates the award of the full contract of $1.1 million with the Ministry of Urban Development and Water Supply to pump and deliver water to 13,677 people in approximately 3,000 households in the six villages through use of its AquaMax(tm) solar water pumping systems.
Signatories to the WorldWater grant included U.S. Ambassador to Sri Lanka Jeffrey J. Lunstead, and Dr. P.B. Jayasundera, Secretary for the Ministry of Finance and Planning of the Government of Sri Lanka. The USTDA funding is one of several grants that will help support the efforts of the Government of Sri Lanka to rebuild and improve infrastructure in districts affected by the tsunami in December 2004.
The Honorable W. Piyasena, National Project Director of the Community Water Supply and Sanitation Project, and the Rural Water Supply and Sanitation Division of the Ministry of Urban Development and Water Supply, said, "There is a need to identify alternative energy sources for pumping water in remote rural areas. Even in areas where electricity is available, delays in getting electricity connections and the high costs of such connections have resulted in problems. Diesel driven pumps are found to be unsatisfactory in rural areas due to frequent repair and maintenance requirements and also due to high fuel costs." The Ministry specifically requested that WorldWater & Power Corp. conduct the technical assistance for the project.
Ms. Marian Bassett of the U.S. Trade Development Agency stated, "We are pleased to provide this assistance to the Government of Sri Lanka, and we hope that this grant will catalyze large scale adoption of these environmentally friendly, clean technologies to make a difference in the quality of life of the rural people of Sri Lanka."
Dr. Anand Rangarajan, Executive Vice President of WorldWater and Power Corporation, said, "This pilot project is intended to demonstrate how public and private sector partnerships could be forged to bring private sector investments to the critical area of rural water supply. This project will also demonstrate how commercially mature solar technologies can provide faster and less expensive solutions in the area of water supply compared to traditional piped schemes."
About WorldWater & Power Corporation
WorldWater & Power Corporation is a full-service, international solar engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's water supply and energy problems. For more information about WorldWater & Power Corp., visit their website at www.worldwater.com.
Forward Looking Statement
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
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