WaterBank of America (USA) Inc.
OTC Bulletin Board : WBKA

November 17, 2006 08:00 ET

WaterBank of America USA Inc. OTCBB: WBKA Completes Share Exchange and Share Purchase Transaction

Publicly Traded Water Company Positioning in Sector With Line of Consumer Products Including Secure Spring Water Ice Cubes, Bottled Spring Water and Spring Water Sources

MIAMI, FL--(CCNMatthews - November 17, 2006) - WaterBank of America (USA) Inc. (OTCBB: WBKA), a vertically integrated water company developing and marketing secured water products, has completed a share exchange and share purchase agreement, and is now publicly traded on the OTC Bulletin Board. WaterBank of America (USA) Inc. is positioned in the water sector, with a line of consumer products including purified, secure ice branded as ICEROCKS®, bottled spring water, while acquiring assets of high quality spring water sources.

At the closing of the share exchange and share purchase agreement, the Company issued 23,529,412 shares of Company common stock. In addition, as a condition of closing, WaterBank of America (USA) Inc. successfully completed a private placement for gross proceeds of $3,300,000. The Company issued 2,000,000 shares of its common stock and 4,600,000 shares of its Series A Convertible Preferred Stock, together with 1,150,000 callable two-year warrants, in connection with the private placement.

About WaterBank of America (USA) Inc.:

WaterBank of America (USA) Inc. specializes in the manufacture and distribution of its branded ICEROCKS® ice cubes in innovative, secure and convenient packaging, and the accumulation of fresh water assets through investment in spring sources in Canada and the United States.

The Company's ICEROCKS® brand has received substantial media coverage in print and broadcast and has been featured in The Wall Street Journal, Time Magazine, New York Daily News, The Washington Post, Business 2.0, Star Inc., Gourmet News, La Presse, as well as on TV with CNBC, MSNBC, NBC, CBS and FOX News. For more information, please visit: www.icerocks.com

For full disclosure, please refer to our SEC filings at www.sec.gov

Forward-Looking Statements Disclaimer:

Certain statements contained in this release, including products, as well as statements containing words like "believes," "estimate," "expects," "anticipates," "target," "plans," "will," "could" and other similar expressions, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: capital market risks, our ability to raise additional capital when needed; market acceptance of our products; our financial and technical resources relative to those of our competitors; government regulation of our products; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional spring sources; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims, risks related to our business and the market for its equity and other risk factors identified from time to time in the company's SEC reports and other filings, including the Company's Form 8-K filed with the SEC on October 25, 2006. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.

Contact Information

  • Mr. Jose Francisco Klujsza
    President & CEO
    Mr. Jean-Jean Pelletier
    Co-Founder/Senior Vice President & Business Development
    WaterBank of America (USA) Inc.
    1395 Brickell Avenue, Suite 1020
    Miami, Florida, 33131, USA
    Telephone: (786) 597-5282
    Fax: (786) 513-0858 (FAX)