Airtech Hires Bonnevest For DME Acquisition.Business Editors DALLAS--(BUSINESS WIRE)--May 18, 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 that the Company has retained California based Bonnevest Ventures LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , for an acquisition of a 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: DME - Distributed Management Environment ) Company, with operations in California, Florida and Texas. The total portfolio is estimated at $36 million. Airtech emphasized that this is a first step in the acquisition process. Financial data, and the potential impact of the acquisition will not be further defined until a definitive agreement has been reached. Airtech Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. R. John Harris stated, "The potential acquisition of the DME's represents an excellent strategic step in Airtech's distribution efforts of air purification/sterilization products in the Durable Medical Equipment and Home Health Care Markets. The impact to Airtech in properly positioning our products with aggressive DME's represents a potential market of $100,000,000 for our clinical air sterilization products." Bonnevest Ventures, LLC, President, James E. Kitchel, stated, "The significance of this transaction could allow Airtech, to proceed with a business model of rolling up other DME's in an attempt to gain a greater market share. Our goal will assist in post acquisition to increase revenues and DME's for the next three to five years." This acquisition should allow Airtech to create a strong presence in the health care market for its portable air sterilization product, and increase the potential for more Airtech products in DME's and HME's across the nation. Airtech also recently hired New York based Undiscovered Equities Research Corporation (UERC) to help increase the market awareness of Airtech common stock to the Institutional Broker Dealer community. UERC President, Eric Popkoff stated, "Airtech has one of the most aggressive and fascinating growth models I have seen in years. I'm sure that the Broker/Dealer community will have great interest in buying this undiscovered stock." Airtech first achieved market recognition with its air purification technology by providing a simple solution using advanced technology and engineering that allows smokers and non-smokers to co-exist in restaurants and bars. Its corporate customers include: Southwest Airlines, Alphagraphic's, El Chico's, Bennigan's, TGI Friday's, Del Frisco's Double Eagle Steakhouses, Sullivan's, and many other companies. 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. Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward looking statements. These risks are described in the Company's Form 10-KSB for the fiscal year ending May 31, 1999 filed with the Securities Exchange Commission. |
|
||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion