Swisher Hygiene Acquires Vancouver Franchisee
Dec. 7, 2010 (GlobeNewswire) --
CHARLOTTE, N.C., Dec. 7, 2010 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has acquired the hygiene and chemicals business operated by Lasfam Investments Inc. ("Lasfam"), its Vancouver, British Columbia franchisee.
Lasfam operates a restroom hygiene business under the trade name of "Sani-Service", providing its customers top-shelf regularly scheduled service designed to improve the cleanliness and appearance of their facilities. The company, founded in 1995 by Elliot Laskin, and a franchisee since, details porcelain and chrome fixtures, applies germicide retardant surfaces and supplies paper, soap and air-fresheners on an on-demand basis in order to help customers reduce the amount of inventory they need to carry and ensuring that dispensers are properly maintained. Recently, the company has expanded into the chemicals business, where it has identified an opportunity to add new products through its distribution channels.
"I am very happy to be moving on to new challenges and am pleased to be leaving the business in Swisher's hands," said Mr. Laskin.
"We continue to execute on our business plan and the acquisition of our Vancouver franchisee's business is an integral part of expanding our presence in Canada and North America," added Steve Berrard, Chief Executive Officer of Swisher Hygiene. "This builds on our previously announced acquisitions of three franchisees of Swisher Hygiene located in Toronto, Calgary and Edmonton, each of which operate under the Sani-Service brand."
Total consideration paid for by Swisher in connection with the acquisition includes $1,680,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 1,027,122 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as: (1) the accuracy of management's assessment of the effects of the successful completion of the transaction; (2) the trading price of Swisher Hygiene's common shares; and (3) there being no significant disruptions affecting Swisher Hygiene's operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene's registration statement on Form 10 filed with the Securities and Exchange Commission,the "Risk Factors" section of the most recently filed management information circular of CoolBrands International Inc. dated September 24, 2010 and Swisher Hygiene's other filings with Canadian securities regulators which are available on Swisher Hygiene's SEDAR profile at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Swisher Hygiene.
The forward-looking information set forth in this news release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.
Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc., formerly known as "CoolBrands International Inc.", is a TSX-listed company that provides hygiene solutions to customers throughout much of North America and internationally through its global network of 67 company-owned operations, 12 franchises and 10 master licensees covering the United Kingdom, Ireland, Portugal, the Netherlands, Singapore, the Philippines, Taiwan, Korea, Hong Kong/Macau/China, and Mexico. These solutions include products and services that are designed to promote superior cleanliness and sanitation in commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene serves customers in a wide range of end-markets, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries across North America.
CONTACT: Swisher Hygiene Inc.
Investor Contact:
Amy Simpson
(704) 602-7116
ICR
Don Duffy
(203) 682-8215
Media Contact:
Alecia Pulman
(203) 682-8332
Source: Globe Newswire (December 7, 2010 - 7:30 AM EST)
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