Press Release
Source: Sub Surface Waste Management of Delaware, Inc.
SSWM Issues LOI to Acquire BUGS Technology
Friday December 14, 9:45 am ET
- Company Vertically Integrating Engineering Services, Biotechnology and Manufacturing -
CARLSBAD, Calif.--(BUSINESS WIRE)--Robert Brehm, CEO of Sub Surface Waste Management of Delaware, Inc. (OTCBB:SSWM - News), announced today that the company has issued a Letter of Intent and term sheet for the acquisition of the XyclonyX, the biotechnology subsidiary of U.S. Microbics, Inc., (OTCBB:BUGS - News), and the assets of West Coast Fermentation Center, an affiliated manufacturing subsidiary. The acquisition includes the patent licenses, proprietary culture collection, field application knowledge base, and the manufacturing know-how and assets. The acquisition vertical integrates the field engineering services of SSWM with the patents, application and manufacturing technology.
Under the terms of the LOI, SSWM would acquire 100% of the stock of XyclonyX and it would become a wholly owned subsidiary of SSWM. The purchase price is subject to final due diligence and Board approval, but both parties have agreed to go forward with the transaction under a reorganization plan for U.S. Microbics and SSWM. The technology in XyclonyX includes the remediation technology used by SSWM and other applications including wastewater treatment, activated carbon filtration technology patents and agricultural growth enhancement technology using the Bi-Agra™ product line. Also included in the sale are the fermentation assets for growth of the microbes used in the various application formulations.
Brehm stated, "We are consolidating the remediation service expertise of SSWM and the proprietary remediation technology, associated patents and manufacturing capability under a single operational entity. As U.S. Microbics transforms itself into an environmental capital company, SSWM will become a vertically integrated environmental technology company that can create the products used to deliver the better-faster-cheaper services for our clients. The combination of technology with services should reduce expenses and streamline operations in 2008 and beyond."
About Sub-Surface Waste Management
Sub-Surface Waste Management of Delaware, Inc., a majority owned subsidiary of U.S. Microbics, Inc., (OTCBB:BUGS - News), provides comprehensive civil and environmental engineering project management services including specialists to design, permit, build and operate environmental waste clean-up treatment systems using conventional, biological and filtration technologies.
Investors and media contact Robert Brehm at 760/918-1860, ext. 102 or learn about the company by visiting its Web site at www.subsurfacewastemanagement.com. To be on the email list for press releases please visit: http://www.bugsatwork.com/emailfax.htm
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis or Plan of Operation" and other sections of the company's Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request.
Contact:
Sub-Surface Waste Management of Delaware, Inc.
Robert Brehm, 760-918-1860, ext. 102
www.subsurfacewastemanagement.com
Source: Sub Surface Waste Management of Delaware, Inc.
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