SOURCE: Latitude Industries, Inc.

May 12, 2011 07:50 ET

Latitude Industries, Inc. Completes Acquisition of GR8 Water, Inc. and Subsidiary Companies and Plans a Complete Reorganization

MIAMI, FL--(Marketwire - May 12, 2011) - Latitude Industries, Inc. (PINKSHEETS: LTDU) has completed the acquisition of GR8 Water, Inc. (Great Water, a Florida Corporation) and its subsidiaries. The closing transaction gives majority shareholder and management control to GR8 Water, Inc. William S. Tudor, the new Chairman and CEO, and the present GR8 Water, Inc. Board of Directors will replace Latitudes Industries' current CEO and Board of Directors.

The current reorganization plan will be completed as quickly as is possible. Latitude will effect a name change that will reflect the company's business going forward. The reorganization of Latitude will also include the reduction of debt and a reverse stock-split of the company's outstanding common stock, presently contemplated to be 20-for-1.

Latitude will directly own 100% of GR8 Water, Inc. and 100% of its subsidiaries Aqua Pure International, Inc. and Water Technologies International, LLC. The companies are in the business of designing, manufacturing and distributing Atmospheric Water Generators (AWGs) and related products. The company has patent pending products in water generation, air filtration, water filtration and dehumidification. The company sells and distributes home and office AWGs and commercial units that produce drinking water, ranging from seven gallons to several thousands of gallons per day by extracting water from the air. For more information on GR8 Water, please visit our website at http://www.gr8water.net.

Forward-Looking Statements
Certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.

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