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AquaLiv Technologies, Inc. and Its Subsidiary, AquaLiv, Inc., Release Funding Updates
Friday, 04 May 2012 06:06
AquaLiv Technologies, Inc. and its subsidiary, AquaLiv, Inc., have released an update concerning the previously announced $50 million capital infusion for AquaLiv, Inc. The company is also pleased to announce that it has executed a separate $3.5 million financing agreement.
In January, the company announced that its subsidiary, AquaLiv, Inc., expected the first tranche of funds from a $50 million funding round to arrive in April. Today the company released an update about the investment.
"The funder estimated that the first tranche of funds should be issued in April, but it is going to take longer," stated AquaLiv CEO, Craig Hoffman. "The Conditional Commitment Letter issued by the funder does not expire until June 15, so apparently they did anticipate this could take additional time to put together."
According to the company, the funding deal is progressing even though definitive contracts have not yet been issued. The funder requested an additional large package of underwriting documents on April 2nd and AquaLiv delivered the requested documents on April 13th. At this time, no further documentation has been requested.
"We hope to have more updates on this funding soon," added Mr. Hoffman. "However, in light of the economic environment and the difficulty in raising capital, we have continued with additional fundraising efforts during this period. This is not an indication of our confidence in the funding group, but a prudent business hedge for our future."
As part of that effort, the company recognized the need for its own funding separate from AquaLiv, Inc. In order to strengthen its operations and capital structure, the company executed a $3.5 million financing agreement. The company views the terms on the funding as significantly better than the cost of funds to the company previously.
The first funds to arrive, whether from the $50 million group or from another party, will be used to acquire Dr. Takemi Ichimura's (AquaLiv's Chief Science Officer) Japanese operations. The acquisition includes an established corporate entity with inventory and existing sales. The entity will be renamed AquaLiv Japan Co, Ltd. and its scope will encompass scientific research in addition to increased sales efforts throughout Asia.
"It is important that we both reduce our cost of funds and increase the share price to a point where institutional investors can consider AquaLiv," stated Bill Wright, CEO of AquaLiv Technologies, Inc. "The combination of strengthening our balance sheet, execution of funding, and sales increases through organic growth and the acquisition of Dr. Ichimura's operations should position us to attract larger shareholders interested in long term growth and results."
The company released its first agricultural product, AgSmart(TM) Rice, earlier this year, and is close to releasing their potato solution. AgSmart(TM) products increase crop yields without chemicals or genetic engineering and are organic standards compliant.
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http://www.aqualiv.com/news/news-releases/164-aqualiv-funding-update
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