ANVH NEWS
Anviron Acquires US Marine Operations Company
Acquisition Expands US Operations by an Estimated $20 Million in First Year
Sep 25, 2008 9:45:00 AM
Copyright Business Wire 2008
SEATTLE--(BUSINESS WIRE)--
The Anviron Holding Company (Pink Sheets:ANVH) ("Anviron"), a manufacturer and marketer of "Clean & Green" products and technology, announced today that they have reached agreement for Anviron to acquire controlling interest in Aqua Gem Of The Treasure Coast, Inc ("Aqua Gem"). A letter of intent has been completed, with all commercial matters agreed. Final legal documentation has not yet been completed; however no substantive impediments to the completion of this purchase are anticipated.
Aqua Gem is a privately owned marine research, excavation and salvage business, specializing in marine operations and research on the East and Gulf Coasts of the United States markets. "This is an exciting milestone for our company, and we look forward to scaling our growth through this strategic acquisition to Anviron's US operations. The addition of Aqua Gem will advance Anviron's vision of a seamless operation while extending and strengthening Anviron's existing position in the beach restoration industry," stated Steve Young - COO of Anviron.
Anviron will build upon Aqua Gem's current operations by teaming with one of Anviron's European clients to develop a state-of-the-art marine and beach renourishment operations. "The US marine and beach renourishment segment represents a market of some $1.7 billion for the expanded Aqua Gem operations, making it a very significant and valuable market for services and products we produce. The industry is currently fragmented, and lacks a coherent industry leader giving Anviron a prime opportunity to capture a large market share," stated Steve Young - COO of Anviron.
"Anviron has struggled this past year to gain a foothold for our product usage in the US. By teaming with our main European client, we anticipate entering the marine and beach renourishment industry with a modest 1.5% market share representing more than $20 million in fiscal year 2009 and then expanding from their," stated Robert Rossi - Acting VP of Operation for Anviron.
Anviron COO, Steve Young, said "I look forward to working with the current Aqua Gem team to deliver significant value to our shareholders and welcomes the expansion of operations to develop a stronger and more robust future in the US markets."
Anviron and Aqua Gem expect to conclude the acquisition agreement and have the transaction finalized by the end of September 2008.
Anviron is a company dedicated to bringing to market "Clean Solutions to Complex Problems" by offering a wide range of biodegradable, environmentally friendly products and technologies that will substitute for many of the hazardous chemicals commonly used all over the world. For information about Anviron and its product offerings visit us on the web at www.anviron.com.
This press release contains forward-looking statements regarding Anviron 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 Anviron. Forward-looking statements speak only as of the date on which they are made and Anviron undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
Source: Anviron Holding Company
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