ATLANTA, May 28, 2014 /PRNewswire/ --Here To Serve
Holding Corp., (OTC: HTSC) (OTC Pink), which had previously
announced on May 14, 2014 that it had
closed on the acquisition of nearly all of the assets and
operations of its initial waste management company, Meridian Waste
Services in St. Louis, MO area,
today announced that its Waste Division has entered into a Letter
of Intent ("LOI") to acquire assets of another solid waste company
in a Southeastern market.
The Company anticipates that the transaction will add additional
revenue and positive earnings to HTSC.
On May 15th, 2014,
HTS-Missouri Waste Division, LLC ("HTS-MWD"), a wholly-owned
subsidiary of Here To Serve Holding Corp., acquired the 100% of the
assets of Meridian Waste Services, LLC from its then partners for
over $20 million in cash and stock in
the Company.
Financing of the transaction consisted of a senior debt facility
of $9.5 million, $1.5 million in seller subordinated financing,
roughly 13.2 million restricted shares of HTSC and 71,210 Preferred
Shares –Series B. In addition, HTSC secured two credit facilities
for ongoing capital expenditures and working capital. HTSC
anticipates HTS-MWD will add annual revenues in excess of
$11.5M, annual EBITDA close to
$2.9M and Net Income of over
$1.2M.
In releasing additional details of the transaction and its
effects on the Company's structure, Jeff
Cosman, CEO of HTSC said: "After the acquisition there are
roughly 55,000,000 shares outstanding with an estimated 19,000,000
shares in the float. We issued restricted shares to the partners of
Meridian. We are working on cleaning up the balance sheet of
"inheritance taxes" from investors of the previous entity (FTCH).
Despite all of this, HTSC is a tightly held company with
significant earnings going forward. In addition, the culture is
ground breaking, in that, it has a start-up technology mentality in
the Tech Division coupled with the precision of execution and a
mature business model in the waste industry. We are breaking new
ground for Pink Sheet companies and we will exit out OTC Markets
with considerable momentum for our existing shareholders and a
dedication to create a growth vehicle for new potential
shareholders."
Cosman went on to say: "Here To Serve is focused on several
milestones in the next 6 months; completing a two-year audit of
Meridian Waste Services, additional acquisitions in the solid waste
industry, up-listing to the NYSE MKT, registering an S1 with the
SEC, completing a secondary offering and launching its ground
breaking mobile app, cConnects."
"We are clearly defining our tasks for the next 6 months", added
Jeff Cosman. "I remain confident our
organization can execute the strategy to create a growth investment
vehicle for those interested in waste management and technology. I
believe the Waste and Technology divisions can offer customers in
our markets an efficient opportunity to communicate with our
organization. Our core proprietary technology product,
cConnectsTM, is more than an internal platform for
communication; it is a dynamic cross-platform mobile app creating
efficient communication for all industries, organizations and
social environments. Partnering with a significant player in the
cloud-based solutions and business processing industry for the beta
testing of cConnectsTM has far surpassed our
expectations for the future. We continue to receive positive
feedback while anticipating our "go-live" date in the coming
month(s)."
HTS-MWD has begun the two-year audit of Meridian Waste Services.
HTSC is finalizing its Investment Banking partner to lead the
secondary offering and will retain SEC legal counsel in the coming
weeks to finalize the S1 registration.
HTSC is also pleased to announce its new corporate address:
12540 Broadwell Road, Suite 1203, Milton, GA 30004.
On April 2, 2013, the U.S.
Securities and Exchange Commission issued guidance permitting
companies to use social media sites including Facebook Inc. (FB)
and Twitter Inc. to communicate company announcements HTSC
encourages the investment community to follow all HTSC developments
as it starts its practice of releasing news and other financial and
product updates on its Facebook page at
https://www.facebook.com/pages/Here-To-Serve-Holding-Corp/476655635785601?fref=ts
as well as its Twitter feed at https://twitter.com/htshc.
ABOUT HERE TO SERVE HOLDING CORP. Here To Serve is a
diversified holding company with two distinct divisions: a Waste
Division and a Technology Division. The Waste Division is being
built through an aggressive acquisition strategy. The Technology
Division consists of wholly owned applications, as well as
partially owned software products, each creating cloud based mobile
platforms for industries ranging from business services,
healthcare, law enforcement and governmental services. Here To
Serve Holding Corp's products include: Interactive Defense System
TM, for law enforcement and other municipal departments
and cConnectsTM, for efficient communication and
fleet/asset management using mobile and web based portals.
Follow us on Twitter: http://twitter.com/htshc
Forward-Looking Statements
Comments are based on current management expectations, and
are considered "forward-looking statements," generally preceded by
words such as "plans," "expects," "believes," "anticipates," or
"intends." We cannot promise future returns. Our statements reflect
our best judgment at the time they are issued, and we disclaim any
obligation to update forward-looking statements as the result of
new information or future events. We urge investors to review the
risks and uncertainties within its filings with the OTC Markets
and/or Securities and Exchange Commission.
Contact:
Jim Canouse
(678) 871-7457
ir@htsc.com
SOURCE Here To Serve Holding Corp.