 Newater Technology, Inc. NASDAQ: NEWA NEWA, or the Company, a developer, service provider and manufacturer of membrane filtration products and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced that its Board of Directors has received a preliminary non-binding proposal letter dated May 12, 2020 from its Chairman and Chief Executive Officer, Mr. Yuebiao Li Mr. Li, and its Chief Financial Officer, Ms. Zhuo Zhang Ms. Zhang, together with Mr. Li, the Buyer Group, to acquire all of the outstanding shares of the Company not currently owned by the Buyer Group and their respective affiliates and certain other shareholders of the Company who may choose to join the Buyer Group in a going private transaction the Acquisition for US3.1 per share of the Company in cash. 