Advanced Growing Systems, Inc. Announces Binding Letter of Intent to Merge With enVentive Solutions, Inc.
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ALPHARETTA, GA, Jul 07 (MARKET WIRE) --
Advanced Growing Systems, Inc. (OTCBB: AGWS) announces today the signing
of a binding letter of intent between AGWS and enVentive Solutions, Inc.
(ENTV) for the merger of the two companies. AGWS will purchase 100% of
the issued and outstanding shares of ENTV in exchange for approximately
85% of AGWS, on a fully diluted basis. An additional 7.5% earn-out
provision is available for AGWS shareholders over a 30-month period.
enVentive Solutions is a 30 year old "Green Chemistry" company with pro
forma revenues of over $30 million and EBITDA in excess of $5 million.
enVentive has a long history of innovation and growth and holds over 190
worldwide patents and employs over 100 people. enVentive has been working
as the engineer reconstructing the manufacturing processes for Organic
Growing Systems, Inc. (OGSI), a subsidiary of AGWS, to increase production
capacity to over 200 tons per day. enVentive is also heavily involved in
the production of the Organisan II-YS product, which is an adjuvant used
in the agricultural marketplace to assist plants in the uptake of
nutrients.
"This is the beginning of a new era for Advanced Growing Systems, one that
marries enVentive's success in the energy and water treatment markets with
the large potential in the organic fertilizer market. In addition, the
merger will assist AGWS in achieving a capital structure that will
facilitate the goal of moving to a national stock exchange," states Dan
Dunn, Chief Financial Officer of Advanced Growing Systems.
According to Jack Cowan, Chairman and Chief Technology Officer of
enVentive, "This transaction will open up the significant agricultural
market for the novel products, technologies, and processes that enVentive
has developed. Also, we expect to significantly enhance the value of
several types of agricultural by-product streams that are currently
considered environmental problems by making them useful end products in
the organic fertilizer market. Along with these developments, we expect
to be able to incrementally improve processing techniques to lower the
production cost, improve product quality and consistency, and to provide
unique product positioning in the marketplace."
Chris Nichols, CEO and President of Advanced Growing Systems adds,
"enVentive's history of developing organic polymers, fibers and colloids
that offer superior performance in comparison to their synthetic
counterparts is a perfect fit for the sustainable agriculture market that
we address, Jointly, the combined company is well positioned to take
advantage of the many opportunities emerging in the areas of green
chemistry and technology."
In order to receive regular updates on AGWS, please click on the following
link: http://www.b2i.us/irpass.asp?BzID=1435&to=ea&s=0
About AGWS:
Advanced Growing Systems, Inc. ("AGSI" or the "Company"), founded in 2006,
is the parent company of Organic Growing Systems, Inc. (a scientifically
advanced Organic fertilizer manufacturer). AGSI is dedicated to providing
its shareholders significant value and is directly involved in the $48
Billion fertilizer market and the $66 Billion Green Industry. For more
information, please visit www.AGSIncorporated.com.
About ENTV:
enVentive Solutions, Inc., formerly Venture Chemicals, Inc., was founded
in 1977 as a specialty chemical manufacturer for products used in a
variety of industrial markets. For more information, please visit
www.enventives.com
FORWARD-LOOKING STATEMENTS:
Statements about AGSI's future expectations, including future revenues and
earnings, and all other statements in this press release other than
historical facts are "forward-looking statements" within the meaning of
section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as the term is defined in the Private Litigation
Reform Act of 1995. AGSI's actual results could differ materially from
expected results. AGSI undertakes no obligation to update forward-looking
statements to reflect subsequently occurring events or circumstances.
Should events occur which materially affect any comments made within this
objective, AGSI will appropriately inform the public.
Investor Relations:
Gerald Kieft
Wall Street Resources, Inc.
2646 SW Mapp Road, Suite 303
Palm City, Florida 34990
772-219-7525
AdvancedIR@WallStreetResources.net
http://www.wallstreetresources.net
Copyright 2009, Market Wire, All rights reserved.
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