SEATTLE, Jan. 9, 2013 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTCQB: AQLV), a life sciences research and development company, announced today the successful acquisition of Verity Farms ("Verity"), a Sioux Falls-based company committed to the sustainability of the "family farm" and a way of life for the American family farmer. Verity Farms, through sustainable "bio-diversity best practices" soil management programs, decrease chemical dependency and reduce the application of genetic engendered products and byproducts in food production. With the acquisition of Verity, AquaLiv is now a vertically integrated premium natural food producer and purveyor utilizing innovative and proven food production methodologies that enhance the overall health benefits in plants, animals and human beings while improving taste and fortifying essential nutrition value.
Under the terms of the Share Exchange Agreement, AquaLiv Technologies, Inc. has acquired 100% of the outstanding shares of Verity Farms, II, Inc. (which is the parent company of Verity Farms, LLC and various business units). The terms of the agreement have been filed in a Form 8-K with the Securities Exchange Commission and available for public review on January 8, 2013.
The Verity business greatly enhances the AquaLiv asset and customer base. The acquisition adds approximately $4,500,000 in total assets to the balance sheet, including inventory and $3,200,000 in real estate holdings consisting of three separate properties. Additionally, the Verity business is both seasoned and diverse with operations currently in seven (7) states with plans to continue an aggressive national expansion. Additional information on the Verity acquisition, its business, and the Company's future plans will be released over the coming weeks.
A key driving element of the acquisition is incorporating the experienced Verity management team into AquaLiv. The AquaLiv and Verity new President and CEO, Duane Spader, is a business veteran with a stellar track record of both consulting for companies and building companies. His lifetime work has been dedicated to helping the small business owner grow, sustain and thrive. Born and raised on a farm, Mr. Spader believes that an essential part in producing healthy food, both crops and livestock, is paying attention to the "life in the soil" where crops and feedstock for livestock are grown. Mr. Spader said, "Earthworm populations are nature's best indicator of health in soil. Not only is the final product healthier for the consumer, but the taste is much better than what the public has become accustomed to expecting."
Spader built a business consulting firm, Spader Business Management (www.spader.com), which has won awards in a number of industries—from software to farm equipment to marine distributorships. After selling Spader Business Management in 2011, Spader joined Verity full-time in June of 2011 and has proceeded to increase the company's presence into 5 more states and stimulated local economic growth from 3 to 27 employees. This acquisition is another step in Duane Spader's vision of building a values-based company focused on sustainability in the food production process with all its inherent health and taste benefits.
Bill Wright, former CEO and now Executive Vice President of AquaLiv Technologies, Inc., said, "A lot of hard work is beginning to pay off. The experienced Verity management team and their business opportunities are very strong for the future, the market sector and shareholders. The significant potential increase in revenues and corporate assets, as well as the addition of key leadership personnel for AquaLiv, will bring new value to the Company in 2013. While there is still a lot to be done, I am excited to be able to be working beside Duane Spader and his team."
Duane Spader, President of Verity and new CEO of AquaLiv Technologies, Inc., said, "This strategic partnership has created substantial excitement with the key Verity personnel as they realized how AquaLiv and Verity complemented each other's product, mission, vision and values. It is our goal to make this acquisition into a company that offers the stakeholder an attractive investment opportunity while fulfilling a mission of helping family farmers build a business based on the core values of providing quality healthy food at a reasonable price. Verity and AquaLiv together just makes business sense -- Verity with its capability in the development of premium natural food production and water enhancement technology fits perfectly with the direction and technology of AquaLiv. The most significant common denominator that drives this market sector is not simply being in food production and water management in this challenging economy, but it is the shared missions and values of leadership that is capable of driving this organization towards success."
Following the acquisition, Verity will continue to operate independently as a wholly-owned subsidiary of AquaLiv Technologies, Inc. AquaLiv, Inc. will change its name to Aistiva Corporation and will also continue to operate as a subsidiary. Verity and Aistiva will then integrate their respective technologies and customer channels for increased synergies and effectiveness. Recognizing the presence of Verity in the marketplace, AquaLiv Technologies, Inc. will file to change its name to Verity, Inc. in the coming weeks.
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About Verity Farms (www.veritycorp.com)
Verity Farms is dedicated to providing consumers with safe, high quality and nutritious food sources through sustainable crop and livestock production (see video). Verity has built the foundation for expansion that is diversified into three distinct, yet interlinked, divisions operating six business units. The three divisions: Soil Preservation, Water Systems and Consumer Products. Soil Preservation consists of Verity Farms and Verity Turf; Verity Water Systems comprises its own division; and, Verity Consumer Products will consist of Verity Meats, Verity Produce and Verity Grains. The common goal within each Verity Business Unit is to decrease chemical dependency, to diminish the need for genetic modification, to preserve the family farm, and ultimately, to provide a nutritious, high-quality food source to consumers.
Verity Farms video link: https://www.youtube.com/watch?v=I6pDVbKEOOU&feature=youtube_gdata_player
About AquaLiv Technologies (www.aqualivtech.com):
AquaLiv Technologies, Inc., through its subsidiary, Aistiva Corporation, offers unique solutions for a variety of industries that also apply directly to agriculture.
Aistiva Corporation is a life sciences research and development company creating novel products for numerous industries. The company's patented technology influences biological processes naturally and without chemical interaction. From increased crop yields to drug-free medicine, Aistiva is providing innovative physics-based solutions to the world's largest problems. To learn more about Aistiva, please visit: www.aistiva.com.
Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
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