As Qonnectis disappears into oblivion, Water Intelligence rises from the ashes, under different management & hopefully different sales & development strategy folowing a reverse takeover by American Leak Detection Inc., .
WATR is due to start trading on friday 30th July 2010, when QTI will cease.

http://www.waterintelligence.co.uk

Completion of Fundraise

PDMR Dealing

Water Intelligence, a leading provider of non-invasive leak detection and remediation services, is pleased to confirm that, further to the Company's announcement earlier today, it has raised £4.2 million (the "Fundraising") in an oversubscribed placing and subscription, through the issue of an aggregate of 2,171,320 new ordinary shares of one penny each in the capital of the Company ("Ordinary Shares") (including the issue out of treasury of 151,184 Ordinary Shares) at a price of 195 pence per Ordinary Share (the "Issue Price").

The fundraising (the "Fundraising") comprised a placing (the "Placing") of 1,846,154 new Ordinary Shares ("Placing Shares") to raise £3.6 million and a subscription (the "Subscription") of 325,166 Ordinary Shares (including the issue of 151,184 Ordinary Shares out of treasury) ("Subscription Shares") to raise a total of £0.6 million. In addition, Patrick DeSouza, executive chairman of the Company, has agreed to exercise 300,000 options over Ordinary Shares ("Exercise Shares") and sell these to incoming investors at the Issue Price (the Placing Shares, Subscription Shares and Exercise Shares, together the "New Ordinary Shares") (the "Share Transaction"). Michael Reisman and Laura Hills, directors of the Company respectively purchased 7,379 and 22,136 newly issued Ordinary Shares through the Subscription. Finally, David Silverstone, a director sold 38,500 Ordinary Shares to incoming investors at the Issue Price for tax purposes

StockMarketWire.com
Leak detection outfit Water Intelligence posted a 49% rise in first-half profit, boosted by a jump in sales.

Pre-tax profit for the six months through June rose to $1.3m, while adjusted profit rose 32% to $1.5m.

Revenue rose 39% to $11.8m.

Cash on-hand rose to $6.15m, following an oversubscribed equity round in March.

'It is interesting to see our journey as a company after comparing our results from the first half of 2015, a short three years ago,' executive chairman Patrick DeSouza, said.

'We have an exciting pathway ahead to fulfilling our vision of a multinational growth company in a critical global market.'

StockMarketWire.com
Leak detection and remediation services provider Water Intelligence said it had won a new contract in Sydney, Australia, putting it on track to meet its 2019 sales targets.

The multi-year municipal contract in Sydney was anticipated to contribute around $1m to 2019 sales.

'With this municipal win in Australia, accompanied by recent smaller municipal wins in the US in Michigan and New York, the company is off to a good start to meet its 2019 growth plan,' Water Intelligence said.