Planet Technologies and Allergy Control Products Announce Completion of Merger
11 Agosto 2005 - 5:38PM
PR Newswire (US)
SAN DIEGO and RIDGEFIELD, Conn., Aug. 11 /PRNewswire-FirstCall/ --
Planet Technologies, Inc. (OTC:PLNT) (BULLETIN BOARD: PLNT) , today
announced completion of its merger with Allergy Control Products,
Inc. (ACP), following shareholder approval and Board of Directors
ratification on August 10th. The combination of Planet's Allergy
Free business with Allergy Control will create one of the leading
domestic marketers of allergy avoidance products. Allergy Control
Products, Inc. will continue operations as a wholly-owned
subsidiary of Planet Technologies, Inc. and the company will
maintain executive offices in San Diego, California and Ridgefield,
Connecticut. Scott L. Glenn, chairman and chief executive officer
of Planet, stated, "ACP will now go to market with a distinctive,
expanded line of branded products that is better positioned to
satisfy the needs of allergy sufferers. The combination of ACP's
strength in catalog and physician marketing and Planet's experience
in direct response consumer marketing provide a solid platform for
future growth." The newly combined Planet reported pro forma
consolidated net sales of $8,895,035 in 2004, and will distribute
and sell a full range of physician recommended allergy avoidance
products. The combined product portfolio will include proprietary
home air filters marketed under the Allergy-Free(R) trade name,
proprietary bedding and encasings marketed under the Allergy
Control(R) trade name and a broad array of other branded allergy
and asthma products including specialty cleaning products,
respiratory products, room air cleaners and vacuums. Edward J.
Steube, President of Allergy Control Products, added, "ACP is
excited to join the Planet family. Our combined brands are strong
complements, and we look forward to the roll-out of new marketing
initiatives in 2005 aimed at profitable revenue growth." "Planet
continues to aggressively pursue additional mergers and
acquisitions in the allergy and asthma space. The company remains
interested in branded allergy avoidance products, and is also
actively evaluating opportunities in the diagnostic and therapeutic
areas," added Mr. Glenn. "Ultimately, we feel the market will
reward companies with differentiated products and strong brands."
Following approval of the transaction, Planet's Board of Directors
voted to expand its size from five to seven members and elected Mr.
Steube and Michael Walsh as Directors. Mr. Steube served as Chief
Executive Officer and Director of Allergy Control Products since
2002. Prior to joining ACP, he was a member of executive management
of New York Bancorp, and prior to that a Principal in the
investment banking division of Kidder Peabody and Co, Inc, a
subsidiary of GE Capital. Mr. Steube has a B.A. from Princeton
University. Mr. Walsh was most recently Executive Chairman at
Prometheus Laboratories, a specialty pharmaceutical company, where
he also held the positions of President, Chief Operating Officer,
and Chief Executive Officer. He is largely responsible for
developing the company's unique strategy and business model as well
as leading its development into an integrated specialty
pharmaceutical and diagnostics company. Previously, Mr. Walsh was
with Quidel Corporation in a number of senior executive roles
including Director of Worldwide Marketing and Business Development
and Director of European Operations. Mr. Walsh has a B.S. from the
University of Notre Dame and an M.B.A. from Pepperdine University.
This release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
Company intends that such statements shall be protected by the safe
harbors provided for in such sections. Such statements are subject
to risks and uncertainties that could cause the Company's actual
results to vary materially from those projected in such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to those discussed
in the section entitled "Risk Factors," and in "Item 6 -
Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the Company's latest Form 10-KSB and in
the section entitled "Risk Factors" in the Company's latest
Definitive Proxy Statement filed with the S.E.C. About Planet
Technologies, Inc. Planet Technologies, Inc. (OTC:PLNT) (BULLETIN
BOARD: PLNT) is focused on providing quality care products for
allergy sufferers. Planet acquired the business of Allergy Free,
LLC, and is now engaged in the business of manufacturing, selling,
and distributing products for use by allergy sensitive persons.
Allergy-Free(R) products, including the Aller-Pure(R) line of home
air filters, have been sold to over half a million customers,
dating back to 1985. Planet Technologies is committed to Improving
Life Indoors(TM). Additional information can be found at
http://www.planettechinc.com/. About Allergy Control Products, Inc.
Allergy Control Products, Inc., a wholly-owned subsidiary of Planet
Technologies, Inc. offers a full line of physician-recommended
allergen avoidance products for allergy relief. In 1983, Allergy
Control Products introduced the first pillow and mattress encasings
with an allergen- impermeable barrier to block dust mite allergen
while allowing vapor permeability for enhanced comfort. Today, ACP
is a recognized worldwide leader in the allergen-avoidance field.
ACP's mission is to build upon this valued leadership position by
bringing the highest quality allergen avoidance solutions to an
increasing number of allergy sufferers. ACP can be visited online
at http://www.allergycontrol.com/. DATASOURCE: Planet Technologies,
Inc. CONTACT: Scott L. Glenn, President & CEO, +1-858-456-2252,
or Bret E. Megargel, Vice President, Marketing, +1-858-457-4742,
ext. 1167, both of Planet Technologies, Inc. Web site:
http://www.planettechinc.com/ http://www.allergycontrol.com/
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