WorldWater & Solar Technologies Corp., (OTC BB: WWAT.OB), a concentrating solar energy company, announced today that it has changed its corporate name to Entech Solar, Inc., effective January 12, 2009. The Company’s ticker will remain “WWAT.OB” temporarily until the Company is reassigned a new one. ENTECH, Inc. will continue as a subsidiary of Entech Solar, Inc.
“Entech Solar is a name that more accurately reflects the transformation of our business since our acquisition of Entech in January 2008,” said Frank Smith, Entech Solar’s CEO. “Entech’s core strategy will be on manufacturing and selling the company’s breakthrough ThermaVolt™ product, a combined photovoltaic and thermal concentrating solar system.”
WorldWater & Solar Technologies acquired Entech, Inc. in January 2008.
In conjunction with the name change, Entech Solar has also relocated its headquarters from Ewing, NJ, to Fort Worth, TX, where its 70,000-square-foot, 200-megawatt (MW) capacity manufacturing facility is located.
Emcore Sells Stake to Quercus
Last week, Emcore Corporation, a provider of semiconductor-based components, announced that it completed the first closing of a two step transaction involving the sale of its remaining interests in WorldWater & Solar Technologies (now Entech).
The Company sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.7 million and expects to complete the second closing, for an additional $5.7 million, within the next 90 days.
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