AQL Holdings Announces Planned Acquisition
AQL Holdings Announces Planned Acquisition Of Leading Edge Certified Organics Company
The directors of AQL Holdings have signed a conditional agreement to acquire 100 per cent of the capital of the privately-held, New Zealand registered company Organic Interceptor Products Limited. The agreement is conditional on shareholder approval.
Subject to the necessary approvals, AQL Holdings Limited intends to change its name to Certified Organics Limited. The new company will produce a range of leading edge products which meet international organic certification requirements for agriculture, home and industry. These products represent a range of safe alternatives to synthetic chemical products. The company plans to aggressively enter the rapidly expanding global market for organic products.
Organic Interceptor Products Limited is the Thames-based developer and owner of the world’s first patented certified organic weed controller. Organic Interceptor™ products control weeds, moss, and lichen. One of the Organic Interceptor™ products has been shown to effectively control botrytis fungi, which will have widespread implications for grapes, kiwifruit and other crops.
The company was originally established by Rodney and Stuart Innes to carry out the research and development needed to secure patents for weed control products. The raw material for Organic Interceptor™ is extracted from pine trees, and is certified organic by BIO GRO (NZ) (IFOAM), AgriQuality Certenz, and Biological Farmers of Australia.
Using the technology based on the discovery of the weed controller, Organic Interceptor Products Limited has a range of other organic products under development to be submitted for certification. These include long term weed controllers, domestic and industrial cleaners, human hygiene and animal health products. The company has already received strong interest in its products from government and business organisations in Europe, North America and Asia.
AQL Holdings is currently a shell company, and the proposed acquisition represents a change of direction for the company.
“We’re extremely excited about this move. We have been investigating a number of business acquisitions for AQL Holdings, and we believe this is an excellent opportunity for shareholders, especially given the huge worldwide demand for organic products. There were other interested parties, and we’re delighted the Innes brothers have decided to do business with us,” says AQL Holdings Managing Director Ken Wikeley.
AQL Holdings proposes to acquire Organic Interceptor Products for $5.15 million to be satisfied by cash of $275,000 and the issue of 1950 million ordinary fully paid shares. The transaction requires AQL Holdings Limited having cash reserves of not less than $2 million prior to the settlement.
The CEO-designate for the new venture is Dr Earl Stevens, a biochemist by training. He has spent the last 14 years in marketing, corporate development and general management, including the last two years as CEO of a major services company. A management and marketing team will be recruited, and a strategic plan developed to capitalise on the opportunities offered by the fast growing demand for organic products worldwide.
When the transaction proceeds, the
existing Board of Directors of AQL Holdings Limited will be
replaced by a new Board with the appropriate industry
expertise, including the CEO-designate, Dr Earl
Further details will be contained in the Information Memorandum sent to shareholders ahead of the special meeting to consider the proposal, which is planned for July.
Issued on behalf of AQL Holdings by Professional Public Relations