WAYNE, N.J., May 26 /PRNewswire-FirstCall/ -- Anscott Industries, Inc.
(OTC: ASCT.OB) a manufacturer and marketer of specialty chemical products
announced today that it has completed a debt consolidation plan valued at
$1.3 million pursuant to convertible note with interest at the prime rate plus
two (2%) percent. In addition to the convertible notes, the investor was also
issued warrants to purchase up to 540,000 shares of Anscott's common stock.
Commenting on this agreement, Mr. Jack Belluscio, President and CEO of
Anscott Industries, said, "We are pleased to close on this debt consolidation
plan and we view it as a significant milestone in the growth of our Company.
This agreement provides us with the capital we need to commence the pursuit of
our strategic acquisition program, which is a vital component of our long-term
growth plan. We believe that the large but highly fragmented textile cleaning
industry offers ample opportunity for consolidation and we expect to
significantly expand our footprint over time as we execute on this element of
our business plan. Our 51-year operating history, brand identity and customer
relationships make us a strong partner for businesses that offer complimentary
products and services. We believe the Company is well positioned to implement
the next stage of its growth in the specialty chemical industry and increase
shareholder value."
About Anscott:
Anscott is one of the world's leading manufacturers of detergents that
clean with environmentally friendly technology. Founded in 1960, Anscott is a
leader within Textile Care Industry with traditional detergents, finishing
agents, and filtration systems for the fabric care industry. Anscott maintains
a North American distribution channel with nearly 1,000 sales representatives,
200 warehouses, and a dedicated technical service team. Anscott sells
professional cleaners non-hazardous solution for clothes and rental uniforms.
Anscott is currently servicing over 5,000 professional cleaners, commercial
laundries and government institutions. Anscott provides technologically
advanced cleaning products that are better, faster and safer than today's
methods.
Statements contained in this press release are not based upon current or
historical fact is forward-looking in nature. Such forward-looking statements
are subject to risk and uncertainties, which could cause actual results to
differ materially from estimated results. Management cautions that all
statements as to future results of operations are necessarily subject to risks
uncertainties and events that may be beyond the control of Anscott Chemical
Industries and no assurances can be given that such results will be achieved.
Potential risks and uncertainties include, but not limited to, the ability to
procure, properly price, retain and successfully complete projects, the
availability of personnel, and changes in technology and competition.
SOURCE Anscott Industries, Inc.
 back to top
Related links:
http://www.anscott.net
CONTACT:
William Bernard of Anscott Industries,
+1-973-305-8700, x333, wbernard@anscott.net
|
