Cohesant Acquires CuraFlo Technologies
15 Agosto 2005 - 10:28AM
Business Wire
Cohesant Technologies Inc. (NASDAQ:COHT) today announced that it
has completed the purchase of the operations and assets of CuraFlo
Technologies Inc. The transaction represents a significant step in
the execution of Cohesant's long-term strategic plan to be a global
leader providing technologies for infrastructure renewal and
protection. CuraFlo, currently based in Vancouver, Canada, is North
America's leading licensor of technology for the renewal and
rehabilitation of small diameter water pipes. The process is used
to rehabilitate aging water pipes in apartment buildings, private
homes and other commercial, industrial and residential buildings.
This unique process is a modern alternative to the expensive and
time consuming previous process of tearing out and replacing the
old pipes. CuraFlo also provides equipment, epoxy and other
supplies to its licensees. CuraFlo's contracting unit performs
restoration, protection and replacement of plumbing lines in
Western Canada and the United States. The integration of CuraFlo
into Cohesant's brand portfolio enables the Company to extend its
infrastructure protection and renewal offerings beyond its current
municipal focus by adding CuraFlo's industry leadership position in
the commercial and light industrial sectors and its operations in
the residential sectors. The acquisition furthers Cohesant's
strategy for growth through steady organic expansion supported by
select acquisitions. "We are extremely excited about the technology
and market growth potential that the acquisition provides," stated
Mr. Morris Wheeler, Chief Executive Officer of Cohesant
Technologies Inc. "CuraFlo complements our Raven Lining Systems
operations by extending our experience in the rehabilitation of
water infrastructure systems into the commercial and residential
water distribution markets. Over the past several years, CuraFlo
has used Raven epoxy to establish North American leadership in the
licensing of rehabilitation technology for use in the commercial
markets." Mr. Stuart McNeill, CEO of CuraFlo's holding company,
stated, "With its greater financial resources and existing network
of certified applicators and other customers, our combination with
Cohesant will greatly accelerate CuraFlo's ability to roll out its
technology. The employees of CuraFlo, including all members of the
management team, are excited about joining a dynamic, vibrant
Cohesant team where we can apply our licensing and infrastructure
rehabilitation expertise into new markets." For the trailing
12-months ending June 30, 2005, pro forma consolidated revenues for
CuraFlo were approximately $5.0MM and EBITDA was approximately
$1.5MM. Cohesant expects to file audited consolidated financial
statements for CuraFlo, together with pro forma statements for both
Cohesant and CuraFlo, by the end of October in accordance with SEC
rules. The purchase price consists of $4.1MM in cash and 229,661
unregistered common shares payable at Closing. Cohesant also will
assume certain liabilities of CuraFlo. In addition to the
consideration paid at closing, approximately 232,000 unregistered
common shares will be held in escrow for a minimum of 24 months to
cover customary indemnification and other post-closing obligations
of Seller. Cohesant Technologies Inc., based in Indianapolis, IN,
designs, develops, and manufactures specialized dispensing
equipment and specialty coating products under the GlasCraft, Raven
and CuraFlo trade names. These systems and products offer
innovative lining technology providing corrosion protection and
renewal of infrastructure in commercial, institutional, municipal
and residential sectors of the water, wastewater and industrial
markets. Certain statements contained in this report that are not
historical facts are forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those set forth in the forward-looking
statement. These risks and uncertainties include, but are not
limited to, a slow-down in domestic and international markets for
plural components dispensing systems, a reduction in growth of
markets for the Company's epoxy coating systems, customer
resistance to Company price increases, the successful integration
of this acquisition and CuraFlo's ability to expand its licensing
business.
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