Rain Enhancement Technologies Announces Completion of Business Combination with Coliseum Acquisition Corp., Establishing Publicly Listed Provider of Rainfall Generation Technology - Seite 2

RET has developed relationships with private organizations, country leaders and major agriculture companies to build a pipeline of potential customers. RET management believes the Company is well-positioned for the development, innovation, and scaling of its rainfall generation technology.

RET has established a strategic roadmap and multiple vectors for development, innovation and enhancement. In addition to its exclusive license of certain relevant underlying IP, the Company intends to draw on the services of leading engineers, scientists, climatologists and experts in the water technology and rainfall generation space. Recent advancements in understanding cloud condensation nuclei and more precise weather forecasting serve as catalysts for increasing the potential enhancement of RET’s technology, creating even greater confidence in the efficacy of the ionization approach. This foundation is expected to empower RET’s management to swiftly establish commercial alliances with private industries and governments, while involving key stakeholders invested in ecosystem maintenance and restoration in water-stressed areas across the world.

Management Commentary

Chris Riley, interim Chief Executive Officer of RET Holdco, stated, “We are incredibly proud to complete this transaction and become a U.S. listed company. This transformative step enables the next phase of growth at RET. We look forward to executing on our next chapter of growth, innovation, global expansion, and market leadership.”

Harry You, Chairman of the Board of Coliseum, stated, “As a public company, RET Holdco is well-positioned to help meet the global demand from private industries and governments for sustainable access to water. We are confident that the Company’s rainfall ionization platform will not only play a role in addressing this demand, but also ultimately generate value to all of its stakeholders. We look forward to further innovating and deploying RET’s technology as well as other cutting edge technologies.”

Management and Governance
RET’s senior management team, led by Chris Riley, will work with Mr. Seidl on an interim basis. Mr. Riley, a veteran C-suite leader with experience spanning both public and private sector companies, brings a wealth of leadership experience accumulated over more than three decades in various technology sectors, including IT, Cloud, Security, Automation and AI. Previously, he served as President, Worldwide Field Operations for DataRobot, as Chief Revenue Officer and Strategic Advisor to the CEO at Automation Anywhere, and in varying roles at Dell, Dell/EMC and EMC (NYSE: Dell, formerly NYSE: EMC), including President Americas Sales and Customer Operations, President Dell Technologies Select and SVP Global Alliances. During his tenure at Dell, Mr. Riley led the $20B+ Americas business through one of their largest and most successful technology acquisitions of all time.