May 15, 2009 11:13 ET
Counter Offer Presented to Enzyme Environmental Solutions; Deal Attracts Third Party
International Corporation Takes Note of Buyout Offer; Begins Testing With Offer Pending
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Enzyme Environmental Solutions
MacReport Media Publishing
FORT WAYNE, IN--(Marketwire - May 15, 2009) - Enzyme Environmental Solutions, Inc. (PINKSHEETS: EESO) CEO Jared Hochstedler has been granted permission from prospective buyers to release pertinent information in regards to their offer.
This announcement is to summarize and confirm that the original buyout offer was negotiated by LMPC (Loss Prevention Management & Consulting corp.) CEO, Craig Douglass, acting as independent consultant on behalf of private acquisitions partners, Bo & Su Lee, in association with Han Bool Co., LTD, and a conglomerate of additional companies in Southeast Asia which have requested within the collective agreement to remain anonymous at this time. Any conflict of interest regarding Douglass' previous associations with both parties as a supporter was fully disclosed and accepted by all involved.
Bo & Su Lee are involved in projects around the world including their latest U.S. domestic real estate venture, The Star Towers (www.star-towers.com) in Atlanta, GA. The group's original offer to EESO was a complete buyout at .10 per share based on the company's 2,000,000,000 (2B) authorized common shares in the form of cash and stock totaling $200,000,000 (200M). The offer was turned down by CEO Hochstedler with confidence that the company, including its overall potential internationally, was worth significantly more. The prospective buyers agreed to respond with a counter-offer and have done so at a price that Hochstedler wishes to remain confidential at this time.
"This has been an interesting turn of events; and it has been exciting for us to say the least," comments Hochstedler. "The counter-offer is a cash and stock offer that is considerably more attractive than the group's first offer to us. This is a very positive step for EESO and its shareholders. I firmly believe that we have entered into a new stage of growth at Enzyme Environmental and we are not turning their counter-offer down, but we have requested more time on our decision due to a few notable factors: We've had an extensive increase in percentage of unsolicited inquiries and finalized sales in the licensing and private labeling arenas the last few months. Much of the credit for this goes to our new President, Mark Murphy, who has been very active in developing key marketing tools, industrial test kits and implementation of a branded sales force in both domestic and international sectors. In addition, our successes in South Korea, as evidenced by our recent buyout offer, have attracted an additional prospective offer from a globally recognized player in the Commodity Chemicals industry," comments Hochstedler. "It would be foolish not to take the time to evaluate this opportunity. It's not necessarily the size of the buyer that affects our decisions, but rather, exploring every option available to EESO and its shareholders prior to making any final verdict regarding a buyout of any kind, be it partial or complete."
The new prospective offer is pending the corporation's due diligence on Enzyme Environmental Solutions including its product and formula applications in terms of efficacy and marketability. Further, the corporation's pending offer is attached to a confidentiality clause which forbids the release of their name until, and only if, a formal offer is made.
The counter-offer from the Lee's, Han Bool and their affiliates is currently withstanding as-is and Hochstedler will continue "harvesting success in the midst of a situation that will certainly bring additional value to EESO and its shareholders," according to the CEO. "If, for any reason, the second party fails to come through with an offer in a reasonable amount of time, we will be disclosing details regarding the original party's counter-offer and making a decision therein before its expiration. We believe our overall strategy here inevitably puts EESO and its shareholders in a winning position in both the short and long-term."
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
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