CHARLOTTE, N.C., March 28, 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 hygiene and chemical business of Goldman Management Associates, Inc. ("Goldman"), its San Jose and Modesto, California franchisee, and certain assets related to the warewashing and laundry business of En-Viro Solutions Hawaii, LLC ("En-Viro"), a chemical service provider in Hawaii.
Goldman has been a leading Swisher Hygiene franchisee since 1994, with Milt Goldman, the original franchisee, welcoming his son Lee Goldman into the business in 2006. The Goldman franchise encompasses much of north-central California, extending from Modesto in the valley to Monterey on the coast and including the San Jose and East Bay markets.
The purchase of the En-Viro assets reunites them with the Pacific Northwest operations of En-Viro Solutions, Inc. that Swisher Hygiene acquired in January 2011 and provides Mike Lezon, the founder of the En-Viro companies, an enhanced platform to oversee in the role he assumed in January as Distributor Sales Manager.
"We are excited to bring our latest acquisitions into the Swisher Hygiene family, which reflect our commitment to servicing customers throughout the United States," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Milt Goldman and Lee Goldman are consummate professionals and have been respected leaders in the Swisher Hygiene franchise community for a number of years. Their advice and counsel will be missed. I would like to thank them for their years of dedicated service to the Swisher Hygiene brand and wish them and their families much luck in the future. Our Hawaii expansion is a logical outgrowth of the opportunity to provide chemical and hygiene services in one of the leading global hospitality markets."
Total consideration paid for by Swisher Hygiene in connection with the acquisitions includes up to $1,190,000 in cash, the assumption of certain liabilities and the issuance of up to 933,333 shares of common stock of Swisher Hygiene including shares of common stock issuable under a convertible secured promissory note which is 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. 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 76 company-owned operations, 7 franchises and 10 master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. The company's most recent program enhancement is its introduction of solid waste management services to commercial and residential customers in selected markets. Together, this broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments from door to dumpster, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene's customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.
CONTACT: Investor Contact: Amy Simpson Phone: (704) 602-7116 Don Duffy, ICR Phone: (203) 682-8215 Media Contact: Alecia Pulman, ICR Phone: (203) 682-8332