CHARLOTTE, N.C., March 8, 2011 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired the healthcare and hospitality division of Solvents and Petroleum Service, Inc. ("SPS"), a New York-based hygiene and chemicals company, and ADCO Services, Inc. ("ADCO"), an Atlanta-based hygiene and chemicals company.
The healthcare and hospitality division at SPS has been in existence since 2002 and serves the Syracuse and Rochester markets through the provision of specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care, with its products delivered by SPS. Concurrent with the acquisition, Steve McIlroy, the head of the healthcare and hospitality division at SPS, has been appointed General Manager, and SPS will continue to distribute the division's products.
ADCO has been in existence since 2004 serving the Greater Atlanta market and provides specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care, with its products primarily delivered directly to customers. Concurrent with the acquisition, Daniel Ryan, a principal of ADCO, will assist in the assimilation of the ADCO business and then will become General Manager of Swisher Hygiene's New Mexico market.
"These acquisitions will further our geographic imprint in the Northeast and the important Atlanta markets and will be a strong value-add to our current offerings," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Steve's 15 years and Daniel's 14 years of experience in the specialty chemical, healthcare and hospitality industries will bolster Swisher Hygiene's presence in those areas and allow us to capitalize on their expertise as we continue to provide customers with essential hygiene and sanitation solutions."
Total consideration paid by Swisher Hygiene in connection with the acquisitions was US$0.7 million, consisting of US$0.2 million in cash, the assumption of certain liabilities and the issuance of 93,306 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 and integration of the acquisitions; (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 labor 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, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com, and Swisher Hygiene's other filings with the Securities and Exchange Commission and with Canadian securities regulators 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 NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of 73 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 essential solutions include products and services that promote superior cleanliness and sanitation in commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. In addition, through its Choice Environmental division, Swisher Hygiene provides residential and commercial solid waste services in Florida. 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: Alecia Pulman, ICR Phone: (203) 682-8332