Investorideas.com - Biotech Stocks Update; UV Flu Technologies (OTCBB: UVFT) Signs LOI to Acquire Leading Manufacturer of Industrial Grade Air Purification Systems
Visit this company: www.uvflutech.com
CENTERVILLE, MA – October 27, 2010 (Investorideas.com Newswire) - UV Flu Technologies, Inc. (OTCBB: UVFT) (the "Company") is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire 100% of the ownership of a major US manufacturer of high quality air purification equipment designed for industrial applications and specializing in the medical and hospitality marketplace.
The agreement includes a patented, trademarked product line, with dozens of national distributors and representatives, an extensive customer list, inventory, and all associated manufacturing equipment. The company's sales include an installed base of several thousand units in over 1000 unique facilities nationwide.
The transaction will use commercially reasonable efforts to execute a definitive merger agreement by mid-November and the Definitive Agreement shall contain customary representation and warranties, covenants and indemnification provisions. By mutual agreement, the name of the selling company will be withheld until the close of the transaction.
"This is an excellent and timely acquisition for UV Flu," said Jack Lennon, President of UV Flu Technologies. "The company we are acquiring makes some of the finest, hi-end, air purification equipment available anywhere. Their highest volume product is patented, trade-marked, and is based on HEPA equipment which also combines UV germicidal technology designed to capture 99.97% of the particulates passing through the system. It complements and extends our existing technology and capabilities by dramatically increasing filtration protection throughout much larger spaces, particularly in areas where smoke and dust play a major role. Construction sites, casinos, smoking lounges and restaurants are significant users of the product line, including over 400 hospitals that rely on its particulate trapping abilities to clean the air of harmful pathogens. This high grade HEPA based technology is best suited to industrial/commercial environments which incorporate designated maintenance schedules and generally includes service contracts as opposed to residential or small commercial settings, where stand-alone HEPA users may neglect to change the filters in a timely manner thereby compromising the effectiveness of their systems."
"The acquisition will be operated as a subsidiary of UV Flu Technologies, and will provide a US manufacturing base to aid in the pursuit of government and DoD contract opportunities. We hope this added market segment will also lead to additional jobs and overall growth for the Company," said Mr. Lennon. "The enhanced product line will make us increasingly attractive to large US distributors, and increase our visibility within the hospital, hotel and casino marketplace. Upon the close of the transaction we will immediately introduce our distributors to the entire product line, both domestically, as well as internationally. We believe the synergies will be extraordinary and hope to dramatically increase our revenue estimates for 2011 as a result. Once our residential model is introduced to the lineup in 2011 we are highly optimistic for significant traction across the entire segment. We are excited by the prospects and look forward to offering a full line of products that really work; all with verified and laboratory proven test data for every application."
Further details regarding the Company's business, financial reports and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit: www.uvflutech.com.
About UV Flu Technologies, Inc. (OTC.BB:UVFT)
UV Flu Technologies is an innovative developer, manufacturer and distributor of bio technology products initially targeting the rapidly growing Indoor Air Quality ("IAQ") industry sector (over $7.7 billion in 2008). The Company manufactures the ViraTech UV-400, which utilizes high-intensity ultraviolet radiation (UV-C) inside a killing chamber that goes beyond filtration to destroy harmful airborne bacteria, at rates exceeding 99.2% on a first-pass basis, while also reducing the concentrations of odors, and VOC's (volatile organic compounds, such as acetone, benzene, formaldehyde, etc.) The FDA has issued a coveted Class II medical listing that enables UV Flu Technologies to market the product as a medical device. For more information, visit: www.uvflutech.com. For sales: www.puravair.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
UV Flu Technologies, Inc.
John J. Lennon, President & CEO
Geaux IR Services, Inc.
SOURCE: UV Flu Technologies, Inc.
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