SIOUX FALLS, S.D. - AquaLiv Technologies, Inc. (OTC QB: AQLV), a life sciences research and development company and now a vertically integrated premium natural food producer, announced today unaudited revenues of its newly acquired subsidiary, Verity Farms, and several steps intended to strengthen the company in preparation for reorganization and growth. Among these are the internalization of existing debts and withdrawal of the company's S-1 registration, along with a previously announced name change to Verity Inc. to reflect the expanded mission of the public entity.
The company announced that early accounting for the calendar year 2012 points towards Verity Farms realizing revenues of $2.36 million, a 20% increase over its previous year. A financial audit of Verity Farms is in progress. The complete 2011 and 2012 financial statements for Verity Farms will be released and filed with the Securities and Exchange Commission (SEC) upon completion of the audit.
Recently appointed CEO of AquaLiv Technologies, Duane Spader , said, "With combined revenues of nearly $2.77 million and assets of approximately $4.5 million, this company's financials are nothing like before. We've also have begun reorganizing some existing debts of the company to eliminate the negative impact to shareholder value while enhancing our financial flexibility."
Over the past quarter the company has retired over $100,000 in corporate debt and paid off a third party note with TCA Global Credit Master Fund, LP, exceeding $241,000, with a note from its new CEO. The company also withdrew its Form S-1 filing, which allows the company to focus its energy on the business combination and seek better valuations for future capital raises.
"Internalizing these debts will allow us the freedom to develop the culture of this newly expanded organization with a focus on long-term stakeholder value instead of the immediate needs of lenders," added Mr. Spader. "It's impossible for a company to focus on the right things when it has the wrong kind of debt hanging over it. I've consulted with nearly 1000 companies during my tenure with Spader Business Management and it is clear to me that it takes a dynamic, values-driven culture to build a great company. These actions allow us the opportunity to focus on our people and culture in laying the groundwork for building the long-term value our investors are seeking.
"We have fantastic plans for changing the face of agriculture in America today and specifically to return the traditional family farmer to their legacy as the backbone of this great country."
The company claims that by combining Verity Farm's agricultural intelligence and unique business model with Aistiva's revolutionary technology, it has created a never before seen service offering that will vastly improve the bottom line of food producers while also creating a superior product in terms of all-natural quality, taste and nutrition.
"This merger represents a significant milestone for investors," Mr. Spader noted. "In fact, this is a new company with new resources and a new business plan. To this end, we are in the process of changing our name to Verity Corporation to reflect its expanded mission and vision, service offering and financial transformation. This company is finally being positioned for the significant growth its investors have been waiting for. We are all very excited about moving forward and building a company that makes a difference."
Spader concluded, "I have invested a major part of my life helping people strengthen their character. With this company, I am committing myself to help build the future standard of corporate character."
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About AquaLiv Technologies (www.aqualivtech.com)
AquaLiv Technologies, Inc., through its subsidiaries, Verity Farms and Aistiva Corporation, is a vertically integrated premium natural foods producer utilizing advanced food production technologies.
About Verity Farms (www.veritycorp.com)
Verity Farms is dedicated to providing consumers with safe, high quality and nutritious food sources through sustainable crop and livestock production (see video). Verity has built the foundation for expansion that is diversified into three distinct, yet interlinked, divisions operating six business units. The three divisions: Soil Preservation, Water Systems and Consumer Products. Soil Preservation consists of Verity Farms and Verity Turf; Verity Water Systems comprises its own division; and, Verity Consumer Products will consist of Verity Meats, Verity Produce and Verity Grains. The common goal within each Verity Business Unit is to decrease chemical dependency, to diminish the need for genetic modification, to preserve the family farm, and ultimately, to provide a nutritious, high-quality food source to consumers.
Verity Farms video link:
Aistiva Corporation is a life sciences research and development company creating novel products for numerous industries. The company's patented technology influences biological processes naturally and without chemical interaction. From increased crop yields to drug-free medicine, Aistiva is providing innovative physics-based solutions to the world's largest problems. To learn more about Aistiva, please visit: www.aistiva.com.
Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
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