CHARLOTTE, N.C., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has acquired Express Restaurant Equipment Service, Inc. ("Express Service"), an Idaho-based hygiene and chemicals company.
Express Service has been in business since 1993 and serves the Idaho, Utah, Oregon and Wyoming markets. Express Service provides specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care to the foodservice, hospitality and healthcare industries. Its products are delivered mainly by its employees, as well as through its distributor partners. Concurrent with the acquisition, Bob Boyd, the founder of Express Service, has been appointed Swisher Hygiene's Distributor Sales Manager and Swisher Hygiene will be offering positions to all Express Service employees.
"We continue to look for the best opportunities to build upon our Western presence, and adding Express Service to the Swisher Hygiene family is a prime example of this," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Bob's 30+ years of experience in the industry will allow Swisher Hygiene to capitalize on his expertise as we continue the rapid growth of our warewash, laundry, cleaning chemical and facility service businesses."
Total consideration paid by Swisher Hygiene in connection with the acquisition includes $600,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 412,444 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as: (1) the accuracy of management's assessment of the effects of the successful completion of the transaction; (2) the trading price of Swisher Hygiene's common shares; and (3) there being no significant disruptions affecting Swisher Hygiene's operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third‐party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene's registration statement on Form 10 filed with the Securities and Exchange Commission, the "Risk Factors" section of the most recently filed management information circular of CoolBrands International Inc. dated September 24, 2010 and Swisher Hygiene's other filings with Canadian securities regulators which are available on Swisher Hygiene's SEDAR profile at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Swisher Hygiene.
The forward-looking information set forth in this news release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.
Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc., formerly known as "CoolBrands International Inc.", is a TSX-listed company that provides hygiene solutions to customers throughout much of North America and internationally through its global network of 71 company-owned operations, 10 franchises and 10 master licensees covering the United Kingdom, Ireland, Portugal, the Netherlands, Singapore, the Philippines, Taiwan, Korea, Hong Kong/Macau/China, and Mexico. These solutions include products and services that are designed to promote superior cleanliness and sanitation in commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene serves customers in a wide range of end-markets, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries across North America.
CONTACT: Swisher Hygiene Inc. Investor Contact: Amy Simpson Phone: (704) 602-7116 Don Duffy, ICR Phone: (203) 682-8215 Media Contact: Jason Chudoba, ICR Phone: (203) 682-8332