Organic Interceptor Transaction
AQL Holdings Announces Share Placement And Settlement Of Organic Interceptor Transaction
As part of its change of direction to an organics company, AQL Holdings Limited (AQL) has today completed the acquisition of Organic Interceptor Products Limited (OIP), as approved by shareholders last month.
AQL shareholders also approved the issue of up to 400 million ordinary shares by private placement at an issue price of 1.1 cents. The company has entered into unconditional subscription agreements to issue 181,816,363 shares at an issue price of 1.1 cents per share, and expects to receive all subscription moneys by the close of business this Friday, 14 September 2001.
The Agreement for the Sale and Purchase of 100% of the shares on issue in OIP has been declared unconditional and settled today.
As part of the acquisition of OIP, the current AQL board of directors, comprising Messrs Wikeley, Hudson and Gibson have resigned and the following new appointments have been made to the AQL board of directors:
· The Chairman and non-executive director is Dr Raymond Thomson, who is also chairman of directors of Wellington Drive Technologies Limited; · Research & Development Director is Rodney Innes, who is the inventor of the Organic Interceptor? range; · Commercial Director is Stuart Innes, who together with his brother Rodney founded OIP; · Managing Director is Dr Earl Stevens, who has spent the last 14 years in marketing, corporate development and general management; and · the Finance Director is David Warrick, who has considerable international and New Zealand experience as both a CFO and Regional Finance Director.
Organic Interceptor Products is the developer and owner of Organic Interceptor?, which is believed to be the world's first certified organic weed controller.
AQL Holdings Managing Director Earl Stevens says they have already begun work on preparations for the launch of a Certified Organic range of home and garden in New Zealand, in addition to work on overseas sales of Organic Interceptor?.
"Our next step is to set up a distribution network for our products and work on the branding and marketing of our Certified Organic range," he says.
AQL expects to change its name to Certified Organics Limited and to be trading under the new name by the end of September.