IONICS COMPLETES $8.25 MILLION INVESTMENT IN AQUA COOL ENTERPRISES, INC.
WATERTOWN, Mass., June 10 /PRNewswire/ -- Ionics, Inc. (NYSE: ION) announced today that it made an investment in the preferred stock of Aqua Cool Enterprises, Inc. (ACE), a major distributor of Ionics' Aqua Cool(R) Pure Bottled Water, thereby completing a previously announced $8.25 million transaction. ACE used the capital to retire notes and preferred stock held by a financial institution. As a result of the transaction, Ionics will consolidate the operations of ACE in its own financial statements. ACE recently commenced deliveries, under an estimated $2 million, two-year contract awarded by the city of New York (Department of General Services), of Aqua Cool Pure Bottled Water to municipal offices and other locations. ACE will supply Aqua Cool in 5-gallon bottles to various City departments and agencies at over 1,000 locations. Ionics is a separations technology company involved worldwide in the manufacture and sale of membranes and related equipment for the purification of water, in the supply of purified water and water treatment chemicals, and in the sale of bottled water and home water purifiers. -0- 6/10/93 /CONTACT: T.G. Papastavros or A.T. Coughlin, both of Ionics, 617-926-2500/ (ION)
CO: Ionics, Inc. ST: Massachusetts IN: CHM ENV SU: FNC
DH -- NE007 -- 0532 06/10/93 10:26 EST
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|Date:||Jun 10, 1993|
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