Puro Water Group, Inc. initial public offering declared effective: Begins trading on AMEX under the symbol "HHO".
The Company's common stock will commence trading today on the American Stock Exchange under the symbol "HHO".
Laidlaw Equities, Inc. and Gilford Securities Incorporated served as lead underwriters on the offering. The Company has granted the underwriters a 45-day option to purchase up to 202,500 additional shares to cover over-allotments, if any. Assuming no exercise of the over-allotment option, the Company will have 3,476,789 shares outstanding after completion of the offering. Puro Water Group has selected Spear, Leeds & Kellogg as its specialist unit.
The Company plans to use the net proceeds for the repayment of certain outstanding indebtedness and working capital.
Puro Water Group, Inc. is a leading bottler and distributor of spring and purified drinking water, serving commercial and residential users in the metropolitan New York area. The Company markets its drinking water under the brand names Puro, American Eagle Spring Water, Nature's Best Spring Water and Lectro-Still. The Company also rents and services water coolers, filtration systems, and plumbed-in fountains numbering in excess of 25,000 located in businesses, factories, and homes in the metropolitan New York area. The Company's facilities consist of NSF (National Sanitation Foundation) certified bottling plants in New Jersey and New York.
CONTACT: Puro Water Group, Inc.
Jack C. West
Kehoe, White, Savage & Company, Inc.
John P. Kehoe / Van Negris