Inocan Technologies Completes Initial Offering of Stock

DWI Corp. said its Inocan Technologies Inc. unit completed an initial public offering of 350,000 common shares.

Proceeds from the offering totaled about $250,000 and will be used to continue development of Inocan’s Tandem-Flo pump, a device that boosts water pressure and is used in a filtration system that the company is developing.

Inocan’s stock is traded on the Vancouver Stock Exchange, which is geared to entreprenurial ventures more than most other exchanges, said Arthur Ellsworth, president and chief executive of Irvine-based DWI.

Inocan expects to have the filtration system in the market by summer. It will deliver drinking water equivalent to bottled water, Ellsworth said.

DWI, an industrial design concern, owns 43% of Inocan.