Aquagenix, Inc. Announces It has Filed for Chapter 11 Bankruptcy Protection.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.---(BUSINESS WIRE)--July 12, 1999-- Aquagenix, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AQUX) announced Monday that it has filed for protection and reorganization under Chapter 11 of the Federal Bankruptcy Code Bankruptcy Code may refer to:
The company's California operation has had significant losses and continues to be a cash drain. In 1998 the company reported revenues of $16 million with a loss of $13 million. Onetime charges accounted for $9 million of that loss and led to a $4.1 million shareholders deficiency as of December 31, 1998. Results have improved for the first quarter of 1999 and the company plans to continue its lake management operations in Florida. The company reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $52,000 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $4.7 million in the same period of 1998. "Even with this turnaround in our core aquatic business, it's necessary that we restructure our debt. This reorganization will free up the resources needed to service our customers in Florida," said Aquagenix President Russell Thompson. Aquagenix, Inc. is a leading aquatic vegetation management company providing services to government, commercial and industrial sites, golf courses and private customers. You can reach Aquagenix on their Web site at http://www.aquagenix.com. This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which represents the Company's expectations or beliefs concerning future events and the Company's financial performance. Any forward-looking statements contained herein are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of 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. These forward-looking statements are qualified by important factors that could cause actual results to differ materially from those contained in such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, those detailed in the Company's filings with the Securities and Exchange Commission. |
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