CHARLOTTE, N.C., May 5, 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 agreed to combine its Northwest operations with Mt. Hood Solutions ("Mt. Hood"), the leading independent hygiene and chemical provider in the Northwest. It is expected that the combination will provide even greater service and products to the commercial customers of Swisher Hygiene and Mt. Hood.
Mt. Hood has been in business since 1902, when it was known as Mt. Hood Soap and Soda Company, and serves over 4,000 commercial and industrial customers in Oregon, Washington, Northern California, Idaho, Utah and Colorado through its more than 100 employees by offering a complete range of specialty chemicals and service programs to the foodservice, hospitality and healthcare industries, including warewashing, general cleaning, laundry and housekeeping services, as well as a line of products for manufacturing companies including industrial and water treatment products. Mt. Hood's 85,000 square-foot plant, located at its headquarters in Portland, Oregon, manufactures a variety of sustainable, environmentally-friendly items for the hospitality, foodservice, healthcare and manufacturing industries, while priding itself on its innovative capabilities to anticipate the needs of its customers. Mt. Hood has a strong and well-respected management team, led by President Tom Mulflur and Executive Vice President Mike Mulflur, with over a century of experience in the specialty chemical industry.
The entire Mt. Hood team is expected to join Swisher Hygiene upon completion of the transaction, with Tom Mulflur remaining as President of the Mt. Hood subsidiary and overseeing the combined Mt. Hood and Swisher Hygiene chemical operations in the Northwest. Mike Mulflur, Mount Hood's regional managers and Swisher Hygiene's existing management team in the Northwest will be managing the day-to-day operations of both companies' chemical, hygiene and water treatment operations.
"We are excited to be combining forces with Mt. Hood, to become the pre-eminent hygiene and sanitation presence in the Northwest," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Mt. Hood has a wonderful history going back 110 years and a solid revenue base. The newly combined operations will greatly broaden our hygiene and chemical offerings in the Northwest and Northern California regions – which includes the Portland, San Francisco, Seattle, Denver, Salt Lake City and Sacramento markets – as well as further enhance our ability to service national accounts across North America. Mt. Hood also brings to Swisher Hygiene a powerful management team that has more than ably continued the legacy of the Mt. Hood Soap and Soda Company, and we look forward to working with the entire Mt. Hood team."
"We are pleased to be joining with Swisher Hygiene in building the leading hygiene and chemical presence in the Northwestern U.S. and Northern California," said Tom Mulflur. "We have provided our customers with the best service and innovative products for 110 years, and this new business combination will only enhance our current service and product features without providing any disruption to current operations. The full service culture that is ingrained at Mt. Hood will be right at home with Swisher Hygiene's full service solutions, and we both have always placed the customer first. I look forward to working with Steve as we continue to build Swisher Hygiene into a major provider of essential hygiene and sanitation services."
Swisher Hygiene Acquires American Chemical Concepts, Inc. and Chem Serve, Inc.
In addition to the Mt. Hood transaction, Swisher Hygiene today announced that it has acquired American Chemical Concepts, Inc. ("American Chemical"), a Virginia-based hygiene and chemicals company, and Chem Serve, Inc. ("Chem Serve"), a California-based hygiene and chemicals company.
American Chemical serves the Eastern and Central Virginia markets and provides specialty chemicals and warewash service programs to the foodservice and hospitality industries. Concurrent with the acquisition, both John Lockwood and Brian Lockwood, the owners of American Chemical, will be joining Swisher Hygiene.
Chem Serve serves the San Luis Obispo and central coast of California markets and provides specialty chemicals and warewash service programs to the foodservice and hospitality industries. Concurrent with the acquisition, Brent Wood, the owner of Chem Serve, will be joining Swisher Hygiene.
"We received an opportunity to expand our East Coast presence in Virginia and our robust California footprint, and we were pleased to be able to add American Chemical and Chem Serve to Swisher Hygiene," said Mr. Berrard. "We are happy to add John, Brian and Brent's knowledge and experience to the Swisher Hygiene team as we continue the rapid growth of our warewash and chemical cleaning businesses."
Total consideration to be paid by Swisher Hygiene for the transactions will include approximately US$22.3 million in cash, the assumption of certain liabilities and the issuance of up to 1,960,686 shares of its common stock. The agreements are subject to customary closing conditions and receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange with respect to the shares to be issued in the transactions. Upon satisfaction of all conditions, it is expected that the transactions will be completed no later than May 16, 2011.
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 the U.S. federal securities laws and 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," "will be taken," or "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 the accuracy of management's assessment of the effects of the successful completion and integration of the acquisitions. 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 Annual Report on Form 10-K 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 83 company-owned operations, 5 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: Swisher Hygiene Inc. Investor Contact: Amy Simpson Phone: (704) 602-7116 Garrett Edson, ICR Phone: (203) 682-8331 Media Contact: Alecia Pulman, ICR Phone: (203) 682-8332