SEATTLE, June 22, 2012 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTCBB: AQLV) and its subsidiary, AquaLiv, Inc., have released an update concerning the previously announced $50 million capital infusion for AquaLiv, Inc.
According to the company, the farming operation that committed to collateralizing a $50 million loan for AquaLiv has not yet performed due to internal management issues. However, the investment firm who introduced AquaLiv to the farm is working with new partners to collateralize the loan should the farm continue to delay.
"The farming operation is owned by two partners and when it came time to collateralize the loan for AquaLiv, one partner decided to retire. An agreement on the division of assets has not yet been reached and that needs to be finalized before any of the assets can be attached to our loan as collateral," stated AquaLiv CEO, Craig Hoffman. "We are disappointed that the farm did not perform on time with this funding, but we will still be working with them as it concerns our AgSmart™ product. They may come to an agreement and move forward with our funding in the near future, but now that the contract has expired, we are free to entertain other offers."
The company described the previously mentioned investment firm as a corporate matchmaker. The firm matches up companies that need money with companies that have it and that can also use the other company's product or service. Now that the contract with the farming operation has expired, the investment firm is free to begin discussions with other parties that can provide the collateral required for the loan.
Mr. Hoffman continued, "We've made numerous contacts during the past year and are openly discussing a direct equity investment with one party in addition to the investment firm we are also working with concerning the $50 million loan. While we continue fundraising efforts, the $3.5 million funding contract will allow us to move forward in areas vital to increasing the value of the company, including several scientific initiatives, increased protections for our intellectual property, and expanded marketing for our existing products."
"The cost of funds on this $3.5 million contract are significantly better than that available to us previously," added Bill Wright, CEO of AquaLiv Technologies, Inc. "While this funding will not allow us to scale operations beyond our existing infrastructure, moving forward with key scientific initiatives and expanding our intellectual property will increase the value of the company and reduce the equity required to secure greater funding in the future."
The company recently released its first agricultural product, AgSmart™ Rice, and is close to releasing their potato solution. AgSmart™ products increase crop yields without chemicals or genetic engineering and are organic standards compliant.
For more information about AquaLiv, visit their website: http://www.aqualiv.com
For more information about AquaLiv Technologies, Inc., visit their website: http://www.aqualivtech.com
About AquaLiv Technologies, Inc.:
AquaLiv Technologies, Inc., through its subsidiary, AquaLiv, Inc., offers unique solutions and for a variety of industries.
AquaLiv, Inc. 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, AquaLiv is providing innovative physics-based solutions to the world's largest problems. To learn more about AquaLiv, please visit: www.aqualiv.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.
AquaLiv Technologies, Inc.
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