SIOUX FALLS, S.D., March 1, 2013 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTCQB: AQLV), a vertically integrated premium natural food producer and life sciences research and development company soon to be renamed Verity Corp, announced today that it has filed a Schedule 14-C Information Statement with the Securities and Exchange Commission (the "SEC") to complete its name change to Verity Corp and to effect a reverse split of its common stock.
The Company believes that a reverse split will benefit all long term shareholders by reducing the public float to a more reasonable strategic number of shares and increasing the marketability of the company's equity for future capital. In addition, the Company believes that all stockholders of the Company will benefit from changing the name of the Company to Verity Corp because it will more accurately reflect and represent to the public the broader business of the Company.
The 1 for 100 reverse stock split and name change will become effective on the date that the Company files the Certificate of Amendment to the Articles of Incorporation of the Company (the "Amendment") with the Secretary of State of the State of Nevada. The Company intends to file the Amendment with the Secretary of State of the State of Nevada promptly after the twentieth (20th) day following the date on which the Schedule 14-C Information Statement is mailed to the stockholders of the Company, subject to comments, if any, provided by the SEC.
Notwithstanding the foregoing, the Company must first notify FINRA of the intended reverse stock split and name change by filing the Issuer Company Related Action Notification Form no later than ten (10) days prior to the anticipated record date of such action. In connection with the name change, the Company will request a new trading symbol. The Company loosely expects to file the Amendment on or about April 1, 2013.
Duane Spader, CEO of AquaLiv Technologies, Inc. (Verity Corp) said, "We recognize that current shareholders may not welcome a recapitalization, however the future of Aqualiv/Verity will be dependent upon management making the difficult decisions in a timely fashion to move forward in building a company at the forefront of the sustainable agriculture movement while increasing shareholder value. We have not made this decision lightly, but rather after in-depth consultations with our corporate officers and advisors."
Spader continued, "We are new to the public markets, but we are not new in the sustainable farming sector. Unlike many other companies with limited financial resources which are forced to do a reverse split and management remains in place to pursue a business plan that is not succeeding fast enough, Aqualiv/Verity is a company with new management with a new direction which has added approximately $4.5 million in total assets to the balance sheet, including inventory and $3.2 million in real estate holdings consisting of three separate properties. One of these properties is 240 acres of prime real estate located less than one mile from the city limits of Sioux Falls and less than two miles from an exit on Interstate 29 where we plan on investing in a global headquarters for the company."
Spader emphasized, "I strongly believe in the long term future of Aqualiv/Verity, which is why I made the personal decision to buy out all of Aqualiv's dilutive financing. I know that a large and growing market exists in the farming community where there are more and more second thoughts on how we produce food, both crops and livestock, in this country."
In closing, Spader said, "We strongly feel that we have developed a business plan that adds new dimensions to the quest to produce healthy food through soil health best practices. Rather than relying on just one source of revenue with Aistiva's water technology, shareholders can look forward to multiple sources of revenue through the benefit of diversification. With this broader base of revenue, we will have a recurring revenue stream year after year. The sustainable farming market is growing rapidly as concerns grow about our food supply. And we are building a company to have an impact on multiple levels from the soil to the platter."
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About AquaLiv Technologies (www.aqualivtech.com)
AquaLiv Technologies, Inc., through its subsidiaries, Verity Farms and Aistiva Corporation, is a vertically integrated premium natural foods producer utilizing advanced food production technologies.
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. 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.
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.
AquaLiv Technologies Investor Relations
SOURCE AquaLiv Technologies, Inc.