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Formed in 1992 by Dave Jones (bass, vocals, keyboards, programming) and Derek Shaw (guitars, keyboards, bass), Waters started life as a song-writing/recording project mixing ambient song-scapes and progressive rock elements, compared to Pink Floyd, Radiohead and early Dire Straits. The song What I Got (produced by Dave Whitehead) received a lot of local airplay in 1993 on Contact 89FM and the Rock network nationwide.

A live band was formed with ex-Nösferätu guitarist Matt J Nicholls and drummer Ivan Krippner. In 1994 the band entered into a "guaranteed airplay" recording deal, into which they spent thousands of dollars. However, the band felt they lost creative control over the songs during this period, and that the resulting recordings bore little resemblence to the original Waters sound. Two songs, Hole In The Sky and Wild Woman, were released to radio but recieved little airplay and the band was dropped for not living up to the promise of What I Got.

The band toured the pub circuit of the upper North Island heavily during the mid 1990s, and made a decent living, before relocating to Australia. However, main songwriter Dave Jones became disillusioned with playing mainstream rock and covers, and quit. He was a founding member of Disjecta Membra between 1993 and 1995. Ivan Krippner formed the band Jel.

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