Airtech Acquires Southern Therapy and Scooter Nation.Business Editors DALLAS--(BUSINESS WIRE)--Nov. 3, 2000 Airtech International Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AIRG AIRG Association pour l'Information et la Recherche sur les maladies rénales Génétiques AIRG Asociación Independiente de Radiodifusoras Guatemaltecas (Independent Association of Guatemalan Broadcasters) ) announced today the Company has completed a binding Agreement acquiring Southern Therapy Inc., an HME/DME (Home Medical Equipment and Durable Medical Equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: Airtech 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. , C.J. Comu, stated, "The terms of the acquisition are favorable for the Airtech, Southern Therapy and Scooter Nation stockholders." Airtech is acquiring the Companies on a multi-year buyout with an exchange of stock based on a current valuation. The Southern Therapy management will be entitled to earn additional stock based on achieving projected sales and earnings goals. Comu added, "If the price of Airtech stock increases, dilution and shares will be substantially less." The financial impact to Airtech, from these combined business entities, will add approximately $6,291,600 in projected revenues with $1,536,400 in pre-tax earnings for May 31, 2001, subject to debt consolidation. Southern Therapy is forecasting $12,744,918 in Gross Sales for FYE 2002, while startup Scooter Nation is boasting a new financial pro forma for its first year sales revenue of $23,500,000. Airtech President, R. John Harris, added, "Southern Therapy is a well managed and mature company with an impressive track record of selling high-end medical and respiratory products. The company has a number of great working relationships with Federal, State and Private Insurance carriers." Sales are principally made to qualified Medicare and private insurance beneficiaries through which the company accepts assignment of proceeds Assignment of proceeds Arrangement that allows the original beneficiary of a letter of credit to pledge or turn over proceeds to another, typically end supplier. from Medicare and so-called Medigap and supplementary Insurance companies. Southern Therapy will be the lead provider of the new Airsopure Portable Medical Air Sterilizer to thousands of HME/DME's across the country. Southern Therapy President, Calvin Cole, said, "The reason we consolidated Southern Therapy and Scooter Nation with Airtech was to position our Company in manufacturing, distribution and sales in the HME/DME arena, take advantage of exciting, new air sterilization products, and create an international franchise program for Scooter Nation. If our financial projections prove true, we will increase our business by 300%, which should excite the stockholders and analysts of Airtech." Southern Therapy is a six-year old DME that was rated by Austin Business Journal as one of the second fastest growing companies in Austin, Texas. Some of Southern Therapy's clients are: AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million , Aetna, American Republic Insurance, Blue Cross Blue Shield, Hartford, Humana, Pacific Life and Annuity, Prudential Healthcare, United Healthcare, USAA, Wausau, along with Medicare Region B, C, D, DMERC DMERC Durable Medical Equipment Regional Carrier , and Medicaid of Texas. Scooter Nation is a Texas Corporation formed in 2000, that will market Electric Scooters to people that require assistance in mobility in or outside their homes. The Company plans on offering a franchise opportunity supported by Invacare Products (NYSE NYSE See: New York Stock Exchange :IVC IVC abbr. inferior vena cava ) to expand world-wide distribution of its product line. The company is set to unveil their new franchise at the International Franchise Show in Las Vegas, Nevada, February 2001. Airtech International Group, Inc. (www.airtechgroup.com), is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. under the symbol (OTCBB:AIRG). Airsopure, Inc., (www.airsopure.com) is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Airtech, was founded in 1997, and has a number of franchisees throughout the United States, Canada, Europe, and Asia. Prospective franchisees or distributors may obtain more information by contacting the Company at 972/960-9400, or Fax: 972/960-9395. Investors may obtain more information by contacting Airtech - Investor Relations, James Stock, of Stock Enterprises, at 702/614-0003 or via e-mail at stockenter@aol.com. Forward looking Statements in this document that are not historical fact are "forward-looking statements" as that term is defined in the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends that we anticipate in our industry and our good faith estimate of the effect on these trends of such factors as industry capacity, product demand and product pricing. These statements are also subject to risks of operations to differ materially from those reflected in our forward-looking statements. These risks are described in the Company's Form 10-K, filed September 7, 2000, and Form SB-2 filed September 8, 2000. |
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