YANTAI, China, March 14, 2019 /PRNewswire/ -- Newater Technology, Inc. (NASDAQ: NEWA) ("NEWA", "we", "our" or the "Company"), a service provider and manufacturer of membrane filtration equipment and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced it has terminated the acquisition agreement to acquire AMS Technologies Int. (2012) Ltd ("AMS") an Israeli company that develops special membrane materials. There is no impact on NEWA's operating results associated with terminating the agreement.
On December 1, 2018 NEWA previously announced it entered into an acquisition agreement to acquire AMS with an expected closing date of March 2019.
"NEWA has worked diligently to consummate this acquisition since November 2018; however, NEWA and AMS could not reach mutual agreement during closing phase, and the termination does not reflect on the seller or seller's business," said Yuebiao Li, Chairman and Chief Executive Officer of NEWA. "We therefore exercised our right to terminate the agreement today and we remain focused on continuing to develop our products and enhance the value of our businesses. At the same time, we are keenly following the global technological trends in the industry and will keep on exploring opportunities to purchase, cooperate or acquire advanced technologies or companies in our industry."