For The Earth Corporation Enters Into Agreement to Acquire Substantially All of the Assets of Kat Box King, Including Litter to
June 07 2011 - 9:00AM
Marketwired
On May 10, 2011, For The Earth Corporation (PINKSHEETS: FTEC)
entered into an asset purchase agreement with Kat Box King, Inc. to
purchase substantially all of the assets of Kat Box King relating
to Kat Box King's business of developing, manufacturing and
distributing cat care products for pet owners' convenience. Kat Box
King's products include Litter to Go, a disposable cat litter box
that contains ready to use cat litter.
"We believe that Kat Box King's established presence at mass
retailers like Walmart, coupled with their patented litter box
design, may enable us to develop new profit generating avenues for
our company," stated Nelson Grist, President and CEO of For The
Earth Corporation.
The purchase price for the assets is $500,000 in shares of For
The Earth's common stock. The number of shares of common stock
issuable at closing would equal the quotient obtained by dividing
$500,000 by the per share Buyer Stock FMV. For purposes of the
asset purchase agreement, the Buyer Stock FMV is defined as the
average VWAP for each share of For The Earth's common stock for the
20 trading days immediately prior to the closing date.
The closing of the acquisition is subject to the fulfillment of
certain closing conditions by the parties.
According to Pet Product News, retail sales for the pet industry
totaled $54 billion in 2009 -- and sales continue to grow. This
growth trend fits perfectly with For The Earth Corporation's vision
and focus on producing products with a purpose. Litter to Go is
packaged in a fully recyclable corrugated box and the cat litter is
a natural mined product. With the box being disposable, For The
Earth believes that an added benefit of this product is easier,
healthier litter box maintenance. For The Earth believes that
acquiring Kat Box King's assets would help it fill out an array of
pet products that it believes are both environmentally friendly and
useful.
About For The Earth Corporation
Headquartered in Phoenix, Arizona, For The Earth Corporation is
focused on offering a diverse range of environmentally friendly,
100% non-toxic, and biodegradable products, including What Odor?™,
What Stain?®, What Dirt?®, What Wound?®, What Pimple?®, and
PaPurr™. For more information, visit www.fortheearthcorp.com.
About Kat Box King Kat Box King was
established with the purpose to develop products that make owning
and caring for cats easy and efficient.
Forward Looking Statements
Except for historical information contained herein, the matters
set forth in this document are forward-looking statements about
expected future events that involve risks and uncertainties. These
uncertainties may cause For The Earth's actual future results to be
materially different from those discussed in the forward-looking
statements.
For The Earth's forward looking statements are qualified in
their entirety by the inherent risks and uncertainties surrounding
future expectations. All forward-looking statements speak only as
of the date hereof and are based upon the information available to
For The Earth at this time. Such statements are subject to change,
and For The Earth does not undertake to update such statements,
except to the extent required under applicable law and
regulation.
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Contact: Nelson Grist 602-502-0602 Email Contact