AquaLiv Technologies' Subsidiary, AquaLiv, Inc. Receives Conditional Commitment Letter Offering $50 Million In Working Capital
2011-12-06 10:30 ET - News Release
SEATTLE, Dec. 6, 2011 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTCBB: AQLV) subsidiary, AquaLiv, Inc., announces it has received a Conditional Commitment Letter from an undisclosed investment group intending to provide the company with $50 million USD in working capital.
According to the company, all of the terms and fees of the financing have been agreed upon. The group may provide the majority of the round as debt, but may elect to take a yet unknown portion as a direct equity contribution. The company expects to receive the first tranche of funding after the first of the year. AquaLiv has been discussing its future plans with the investment group since June, during which time the group was performing their due diligence.
"Due diligence takes time. There is no scientific precedent for our technological capability and without a fair amount of education by us, even most scientists won't understand it," stated AquaLiv, Inc. CEO Craig Hoffman. "Outside of a simple scientific validation performed by a University of Washington scientist last year, our strategy was to allow the marketplace to validate our technology. And, we've gone to great lengths to seed various industries with our products, even though we've really had insufficient capital and manpower to do so - up until now that is."
"We can put any serious investment group in touch with numerous persons outside of our company who are delighted to be working with us and our technology, including: an organic rice farm that has increased its yield by 30%, HIV/AIDS patients with vastly improved quality of life, a commercial bakery in Tokyo that is able to reduce the amount of yeast required to raise dough resulting in a sweeter tasting product with a longer shelf life, a prominent health club that is able to reduce the amount of chlorine required to eliminate bacteria in their pool and spa, and the list goes on. We've eliminated the risk of whether or not we can bring products to market. We've demonstrated success. Now it's time to scale."
"It isn't easy raising capital in this economy and a lot of strong companies are competing for what capital is available," stated Bill Wright, CEO of AquaLiv Technologies, Inc. "The simple fact that this group has worked closely with AquaLiv for five months and intends to provide $50 million in funding is a glowing testament. AquaLiv clearly demonstrated the capabilities of their technology and the viability of their business plan."
"We have signed a non-disclosure agreement, so we are unable to name the group just yet," stated Mr. Hoffman. "However, we have been working with this group for months and are excited to finally make this announcement."
Mr. Wright continued, "Based on the selection of two product lines alone, the AquaLiv business plan represents over $1 billion in projected sales over the first six years. As we have stated before, this is not a sprint, but a marathon. With the technology and the endless applications of the science before us, AquaLiv plans on being a household name for generations to come."
"Standby for fireworks," added Mr. Hoffman. "We're moving the rocket to the launchpad."
The company released its first agriculture product, AgSmart™ Rice, earlier this year, and is close to releasing their potato solution. AgSmart™ products increase crop yields without chemicals or genetic engineering and are organic standards compliant. The company is also preparing for an upcoming clinical trial with their NatuRx™ HIV/AIDS treatment.
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