CHARLOTTE, NC, Jan. 11 /CNW/ - Swisher Hygiene Inc. ("Swisher Hygiene") (TSX: SWI), a leading full-service hygiene solutions provider, today
announced that it has acquired En-Viro Solutions, Inc. ("En-Viro
Solutions"), a Seattle-based hygiene and chemicals company.
En-Viro Solutions has been in business since 2006 and serves the Pacific
Northwest region of Washington, Oregon and Northern Idaho. En-Viro
Solutions provides specialty chemicals and service programs such as
warewash, laundry, housekeeping and floor care to the foodservice,
hospitality and healthcare industries and its products are delivered
mainly through its distributor partners. Concurrent with the
acquisition, Michael Lezon, the founder of En-Viro Solutions, has been
appointed Swisher Hygiene's Distributor Sales Manager and Swisher
Hygiene will be offering positions to all of En-Viro Solutions'
"We continue to look for the optimal companies to add to the Swisher
Hygiene family and are excited to bring En-Viro Solutions on board as
we further expand our Pacific Northwest presence," said Steven R.
Berrard, Chief Executive Officer of Swisher Hygiene. "Michael has over
30 years of experience in the industry, and his addition to Swisher
Hygiene will be a major boost to our distribution sales as we continue
the rapid growth of our warewash, laundry, cleaning chemical and
facility service businesses."
Total consideration paid for by Swisher in connection with the
acquisition includes $1,000,000 in cash, the assumption of certain
liabilities and the issuance of a convertible promissory note which may
be converted into a maximum of 374,263 shares of Swisher Hygiene common
stock subject to certain restrictions, including acceptance by the
Toronto Stock Exchange. In addition, En-Viro Solutions is eligible for
earn-out compensation based on specific sales-related metrics.
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
Swisher Hygiene disclaims any intention or obligation to update or
revise any forward-looking statements, except to the extent required by
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.
SOURCE Swisher Hygiene Inc.
For further information:
Swisher Hygiene Inc.
Phone: (704) 602-7116
Don Duffy, ICR
Phone: (203) 682-8215
Jason Chudoba, ICR
Phone: (203) 682-8332