Water Intelligence PLC Reacquisition of Central Florida Franchise (7529U)
08 Abril 2021 - 1:00AM
UK Regulatory
TIDMWATR
RNS Number : 7529U
Water Intelligence PLC
08 April 2021
Water Intelligence plc
Reacquisition of Central Florida Franchise
and Director Appointment
Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or
"Group"), a leading multinational provider of precision,
minimally-invasive leak detection and remediation solutions for
both potable and non-potable water is pleased to announce that it
has reacquired its Central Florida franchise ("Central Florida")
within the Group's American Leak Detection subsidiary ("ALD").
A few days ago, Water Intelligence communicated that President
Biden's American Jobs Plan would significantly increase market
demand for water infrastructure solutions and that the Group would
accelerate its strategic growth plan to take advantage of the
opportunity. Today's franchise reacquisition should be seen in that
context as it provides greater scale to corporate operations in
eastern Florida, a geography with high demand for water
infrastructure solutions.
Strategically, the Central Florida reacquisition will enable ALD
to link operations along the eastern part of Florida from its
Central Florida location to fast-growing corporate operations in
Orlando, to the east, and sizeable Melbourne and Miami operations,
to the south. As noted above, demand is high for ALD water leak
detection and repair offerings in this geography because of various
factors ranging from the number of swimming pools to level of
disposable income to rainy weather. In linking the above four
eastern Florida operations, ALD expects to achieve even faster
growth through fulfilling pent-up demand and creating operating
efficiencies from scale.
Financially, the purchase price is fully accretive to
shareholder value. The purchase price of $0.66 million includes all
assets to conduct operations including trucks and equipment. The
purchase price is based on 2020 full-year results of approximately
$0.66 million in sales and $0.15 million in adjusted profits. The
purchase price is to be paid within nine months. The Central
Florida franchisee leadership team will remain in place to run the
operation and will expand management breadth for ALD as members of
the corporate organization.
As the disruptions of Covid-19 ease, the Group continues to grow
strongly at both top-line and bottom-line. ALD is an "essential
service provider" and provides consumers, businesses and
municipalities with solutions to water infrastructure issues.
Separately, pursuant to the RNS dated 15 March, regulatory
diligence is now complete and C. Daniel Ewell is appointed to the
Board of the Company as a Non-Executive Director.
Executive Chairman, Dr. Patrick DeSouza commented: "We have
continued to execute well during the first quarter and look forward
to accelerating our growth trajectory. We provide valuable
solutions for water and wastewater infrastructure and seek to help
lead efforts to advance the Green Economy. We aim to deliver on a
sizeable opportunity ahead."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
Enquiries :
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
WH Ireland Limited - NOMAD & Broker
Adrian Hadden
James Sinclair-Ford
Matthew Chan Tel: +44 (0)7920 599 793
Dowgate Capital Ltd - Broker &
Advisor
Stephen Norcross
Director Appointment
Further to the Company's announcement dated 15 March 2021,
Charles Daniel Ewell, aged 60, has joined the Board of the Company
as a Non-Executive Director with immediate effect. Pursuant to Rule
17 and Schedule 2(g) of the AIM Rules for Companies, the following
information is required to be disclosed:
Dan is currently a director of Summit Pass, LLC. Previously over
the past 5 years, Dan held board positions at the following
non-profit organisations; The Music Center Foundation (Chairman),
The Morgan Stanley Foundation (Board Member) and Stanford
University Parent's Advisory Board (Board Member). Dan has held no
other directorships or partnerships in the last five years. He
currently owns 22,659 ordinary shares of 1 penny each in the
Company, representing 0.1 per cent. of the Company's total voting
rights. Dan also holds options over 200,000 ordinary shares,
exercisable at 750 pence per ordinary share. There is no further
information regarding Dan Ewell required to be disclosed under the
AIM Rules.
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END
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(END) Dow Jones Newswires
April 08, 2021 02:00 ET (06:00 GMT)
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