Additech Closes $10 Million New Series ``A'' Financing.HOUSTON -- Additech, the developer of a patented "at the pump" fuel additive additive In foods, any of various chemical substances added to produce desirable effects. Additives include such substances as artificial or natural colourings and flavourings; stabilizers, emulsifiers, and thickeners; preservatives and humectants (moisture-retainers); and technology, today announced it closed a $10 million Series A financing, led by Adams Capital Management with BEV Capital as the Co-investor. The Additech system enables consumers to automatically dispense dispense /dis·pense/ (-pens´) to prepare medicines for and distribute them to their users. dis·pense v. To prepare and give out medicines. branded fuel additives into their gasoline during the normal course of fueling their vehicles. "We expect to dramatically increase the $400 million fuel additive market by bringing the product to consumers more conveniently by offering additives at the pump -- much the same model as vending machines vending machine, coin-operated, automatic device for selling goods. Many vending machines are capable of making change, and some of the more sophisticated ones accept paper money or credit cards. ," said Ralph Koehrer, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Additech. "This is a channel development breakthrough that can increase use of fuel additives significantly. Our system will also increase awareness of additives and provide retailers a much simpler sale." Proceeds of this financing will be used primarily to fund the roll-out of Additech's proprietary fuel additive dispensing dispensing provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. and information system at fuel stations/dispensers of High Volume Retailers (HVR's). Additech has agreements with Murphy USA (operator of Wal-Mart fuel stations), SAM's and has recently signed an agreement with Kroger Supermarkets. About Additech Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , Additech is a services business with the primary emphasis of selling branded fuel additives at the pump through a proprietary hardware and information technology system which attaches to fuel dispensers at HVR's. In addition, Additech has the ability to dispense coupons and run media content to consumers at the pump, enabling cross-selling opportunities, as well as providing other, non gasoline products and services at gasoline dispensers. The Company estimates that there is a potential $1.5 billion addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be market opportunity primarily driven by the rapid emergence of high volume gasoline retailers located in the parking lots of supermarkets, mass merchandisers, and discount clubs. For more information visit Additech's website at www.additech.com About Adams Capital Management Adams Capital Management, Inc., a national venture capital firm with $700 million in capital under management, has offices in Pittsburgh, Boston, Austin, and Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. . ACM (Association for Computing Machinery, New York, www.acm.org) A membership organization founded in 1947 dedicated to advancing the arts and sciences of information processing. In addition to awards and publications, ACM also maintains special interest groups (SIGs) in the computer field. invests in early-stage information technology, semiconductors, and telecommunication companies addressing compelling market opportunities created by discontinuities in industry standards, regulations, technology convergence and distribution channels. About BEV Capital BEV Capital has over $200 million under management and has a broad focus that includes software, the consumer sector, and business services. BEV was founded on the premise that great products and services alone do not make great companies. The firm believes that the right sales and marketing strategy and the right team are also necessary ingredients. BEV invests across a variety of stages, from earlier to later stage and usually invests as part of a strong VC syndicate. |
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