MIRAMAR BEACH, Fla.,
Aug. 11 /PRNewswire-FirstCall/ --
NuEarth Corporation (Pink Sheets: NUEC) ("NuEarth"), a manufacturer
and marketer of "Clean & Green" products and technology, today
announced that it has concluded its acquisition of AB Technology,
SA of Lokeren, Belgium. (AB Tech).
AB Tech is a Northern European provider of "green"
biodegradable cleaners and paint strippers. AB Tech's sales for
2009 were in excess of $4
million.
This merger of NuEarth and AB Tech marks a major milestone in
the product offerings now available to their respective clients.
Currently, a large number of industries, institutions and public
sectors enhance their environments with solutions offered by the
two organizations. Bringing them together provides a powerful
platform for innovating and supporting the needs of their clients.
The combined savings from the synergies will yield
$2.1M to our bottom line while the
addition product mix will add $7.5M
to our top line"
"NuEarth Corporation is the US exclusive distributor of NuSoil;
AquaSolv; Dustblock; and Roadbinder. Through this combination
NuEarth now will become the exclusive distributor for ABTech's line
of biodegradable cleaners and strippers," said Alfon Rosalini, Senior Vice President of
NuEarth. "The combination will greatly strengthen NuEarth by
accelerating the growth strategy and enhancing the brand portfolio
of the company. This will clearly be a win for both companies'
customers while significantly enhancing value for all shareholders.
We will have a total combined global footprint and the leading
service organization in the industry capable of a major expansion
to serve the needs of both our existing and future customers."
"This merger makes tremendous sense for our clients,
shareholders and employees. It marks an unparalleled opportunity
for two successful, mission- driven organizations to unify with a
singular focus on being the premier partner for our clients in need
of clean solutions on a global basis," said Levi Modelevi, CEO of
NuEarth. "Together with our clients, we have one of those rare and
special opportunities to truly improve the quality and efficiencies
of our clients on a global scale."
NuEarth plans to enhance and support the existing products of
both companies. New releases and ongoing product improvements will
continue to be a key focus of the combined company. At the same
time, NuEarth will leverage the application of AB Tech's family of
products in combination with the existing product lines to
interoperate with one another and with other applications. Over
time, NuEarth will incorporate the best features and usability
characteristics from the two product lines into a new,
standards-based product set that will incorporate a scalable
applications, the use of research services, unparalleled ease of
use, and flexible customization features.
"Both companies are passionate about the green chemical markets
and, alongside our respective clients, have truly pioneered the
category together," said Rosalini. "Given the alignment of our
visions, technologies, and overall strategies, the combination of
our two companies will advance the use of green technology and
thereby benefiting customers worldwide."
Both companies' Boards of Directors have approved the
acquisition and merger. Subject to regulatory approval and other
customary closing conditions, the transaction is expected to close
later this year. The combined companies will operate under the
NuEarth name and brand with corporate headquarters located in
the United States.
About AB Technologies Products
Founded in the Belgium,
Europe in 1982 AB Technologies has
developed their line of products. ABT's unique chemistry possesses
a number of advantages over solvent based cleaning products: There
products are capable of effectively tackling the most demanding
cleaning applications, ABT - products are biodegradable following
OECD 301 and highly economic in use, They possess highly
concentrated contents, and do not evaporate; therefore an immediate
saving of about 70% can be made over a solvent based product, and
the chemical waste prevented when using ABT products can add up to
80% savings over solvent based alternatives.
About NuEarth Corporation
NuEarth Corporation is a major chemical distributor dedicated to
bringing to market "Clean Solutions to Complex Problems". NuEarth
offers a broad and diverse range of biodegradable, environmentally
friendly products and technologies. NuEarth's mission is to provide
substitutes for many of the hazardous chemicals commonly used
throughout the world today. For information about NuEarth
Corporation and its product offerings visit us on the web at
www.nuearthcorp.com
This press release contains forward-looking statements regarding
NuEarth Corporation within the meaning of Section 27A of the
Securities Act of 1933 as amended, as such, may involve risks and
uncertainties. Such statements are based on management's current
expectations and cannot be guaranteed. The forward-looking
statements discussed in this release may not occur and actual
results could differ materially as a result of known and unknown
risk factors affecting NuEarth Corporation. Forward-looking
statements speak only as of the date on which they are made and
NuEarth Corporation undertakes no obligation to publicly revise any
forward-looking statement based on the result of new information,
future events, or otherwise.
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Investor relation
contact:
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c/o: Alfon
Rosalini
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866-311-6373
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Alfon.rosalini@nuearthcorp.com
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SOURCE NuEarth Corporation
Copyright . 11 PR Newswire