CENTERVILLE, MA � December 15, 2010 (Investorideas.com Newswire) - UV Flu Technologies, Inc. (OTCBB: UVFT) (the "Company"), is pleased to announce that it is moving forward with plans to acquire a renowned US manufacturer of high quality air purification equipment designed for industrial applications including specialization in the medical and hospitality marketplace.
The final milestone prior to the close of the agreement was the completion of a financial audit, which was successfully concluded last week. A tentative closing date has been targeted for on or around December 30, 2010.
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, including over 400 hospitals.
"We are thrilled that the acquisition could close by year-end," said Jack Lennon, President of UV Flu Technologies. "With the acquisition of this Company, our product line will be complemented at the industrial level, while the introduction of our residential product will round-out the consumer end of the retail spectrum. Our current flagship product, the UV-400, can protect indoor spaces of up to 600-900 sq. ft., while the product line we will offer as a result of the new acquisition protects environments regularly ranging from 1000-5000 sq. ft. Additionally, our soon-to-be-introduced residential product will easily protect spaces under 600 sq. ft., providing us with full coverage for most every indoor scenario. We have extensively studied the test results and are satisfied that the HEPA based technology we are acquiring captures in excess of 99.97% of the particulates passing through it, is the finest in the industry, and an excellent fit to our long term goals," said Mr. Lennon.
"Our new 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 anticipate 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 reveal the identity of the acquisition and introduce our distributors to the entire product line, both domestically, as well as internationally. We believe the synergies will be extraordinary and hope to significantly 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 increased traction across the entire segment. We are very encouraged by the prospects and look forward to offering a full line of products that really work -- and all of which offer verified and laboratory proven test data for every application."
Further details regarding the Company's business, acquisitions, 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
Contact:
Investor Information:
Geaux IR Services, Inc.
Toll-Free: 1-888-355-8838
investors@uvflutech.com
SOURCE: UV Flu Technologies, Inc.
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