OriginClear Inc (OTCMKTS:OOIL) and E3 Services and Solutions, LLC have partnered to form a joint venture intended to provide quick-response disaster water recovery services to the SERVPRO extensive network of 1800 franchisees spread in North America. The two firms have grabbed the first opportunity offered outside California. Jeffrey Matlock of SERVPRO said that he expects the water recovery services to fast and efficient compared to previous field tests.
Matlock stated that SERVPRO is the country’s pioneering first responder to existing water damage crises. The group works with a number of insurance companies nationwide. He added that tougher water disposal provisions indicate that franchisees like E3 will get several new business opportunities in the future. It also suggests the group requires an on-call resource for quick and efficient water treatment, and it is here OriginClear and E3 association will prove useful. They will work on new technology that can be used quickly and effectively.
E3 and OriginClear will have equal ownership in the joint venture. OriginClear will deploy its resources and technology expertise, while E3 will offer its industry network and marketing to the entire SERVPRO franchisee network. The two companies’ plan to develop quick-response solutions for franchisees through assets pre-placed countrywide.
The expert speaks
Talbott Howard, the CEO of E3 Services said that it is an innovative marketing opportunity as the SERVPRO franchisee is the customer but the insurance firm pays the bills. This will provide rapid funding in the emergency situations. Riggs Eckelberry, the CEO of OriginClear Inc (OTCMKTS:OOIL), said that the opportunities are huge and they expect the joint venture will result in crash-truck response capability that benefits insurers, industries, and communities alike.”
In the current trading session, the stock price of OriginClear lost 11.54% and is now trading at $0.0575. The loss came at a share volume of 229,683 shares compared to average share volume of 838,738.