CHARLOTTE, NC, Jan. 3 /CNW/ - Swisher Hygiene Inc. ("Swisher Hygiene")
(TSX: SWI), a leading full-service hygiene solutions provider, today
announced that it has entered into a long-term distribution agreement
with food service distributor Cheney Bros., Inc. ("Cheney Bros.")
whereby Swisher Hygiene will become Cheney Bros.' provider of
warewashing and laundry-related chemicals and Swisher Hygiene will
utilize Cheney Bros. as a distribution partner in Florida and Georgia.
As part of the agreement, Swisher Hygiene also purchased from Cheney
Bros. certain assets relating to Cheney Bros.' warewashing and laundry
Founded in 1925, Cheney Bros. has grown to be the largest independent
food service distributor in Florida, and the eleventh-largest food
service distributor in the U.S. Today, Cheney Bros. inventories over
15,000 items and has over 9,500 active customers.
"We are excited to be partnering with a leading company such as Cheney
Bros. as we build upon our recent growth in the Southeast to further
expand our presence," said Wayne Huizenga, Chairman of Swisher
Hygiene. "As a result of these agreements, Swisher Hygiene will be
adding to Cheney Bros.' extremely knowledgeable warewash and laundry
staff, as well as certain assets, which we believe will only strengthen
our partnership going forward. This reaffirms Swisher Hygiene's
commitment to providing service chemical programs with the strongest
regional and local distributors throughout North America."
"Partnering with Swisher Hygiene to provide our chemical program will
enable us to significantly expand our core distribution business." said
Byron Russell, Chairman and CEO of Cheney Bros. "The agreement will
provide Cheney's customers with a partner that can service them on a
national basis, as well as provide a broader range of products,
including green chemicals. In addition, we are very proud of the work
our warewash and laundry team accomplished, and we are sure they will
continue at Swisher Hygiene to perform at the highest capabilities. We
wish them the best of luck going forward."
In connection with the agreements, Swisher Hygiene paid to Cheney Bros.
consideration including the assumption of certain liabilities relating
to the purchased assets and the issuance of two convertible promissory
notes, which may be converted into a maximum of 291,928 shares of
Swisher Hygiene common stock subject to certain restrictions, including
acceptance for listing 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 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 the assumption
that Swisher Hygiene's distribution relationship with Cheney Bros. will
be successful. 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
Alecia Pulman, ICR
Phone: (203) 682-8332