Yes you're right! They were formed by Punky & Ronny and later changed their name to AWOL. Heres some info:
Formed: mid 1990
Founding Members: Punky & Ronny
Other Members: Billy Thomas (bass); Alex Leo (Vocals)
Location: Played in California, mostly SF
Notes: Punky didn't like Leo's vocals and instead hired his old friend Art Deresh, formerly of SIN. Sometime in 1990, Fire Water changed their name to AWOL (this was with Art in the band). Later that year, Punky, Ronny & Billy went on a radio show called "Tawn Mastrey's Christmas Party" which was broadcast in Japan.
Click on this link for the full reference.
Wow. I would have LOVED to have seen Hurricane and Electic Angels on one bill!!! That would have been CLASSIC!