SEATTLE, Dec. 17, 2012 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTCQB: AQLV) announced today the signing of a non-binding Letter of Intent ("LOI") to acquire Verity Farms ("Verity"), a company committed to decreasing chemical dependency and genetic modification in food production. AquaLiv Technologies, Inc., through its subsidiary AquaLiv, Inc., provides physics-based solutions to biological challenges, including the AquaLiv Water System that enhances drinking water to improve health; and AgSmart Rice, which increases rice crop yields and provides resistance to pests, disease, and storms. The company's solutions are used for applications in water treatment, environmental science, agriculture, animal husbandry, personal use products, and medical industries.
"This is an exciting time for us at AquaLiv," stated Bill Wright, CEO of AquaLiv Technologies, Inc. "We have been working extremely hard to advance the business in a positive manner when we are blessed with an opportunity to acquire a synergistic company with high moral values, strong revenues and assets, and on the same mission as AquaLiv. We could not be happier with the direction we are taking and look forward to a successful due diligence period and closing."
AquaLiv Technologies and Verity are conducting their respective due diligence and expect to complete the process in the near future. Terms will be disclosed upon closing.
Verity's innovative program focuses on soil stewardship during crop and livestock production using practical knowledge and scientific principles. Producers for Verity are from Iowa, Minnesota, Nebraska, South Dakota, Ohio, Georgia and Mississippi with plans in place to greatly expand the producer network in many other states. All producers voluntarily follow Verity's defined protocols for grain production. After preparing the soil to Verity's high standards, the soils are tested to determine if they meet the standard of non-detectable amounts of the more than 250 known carcinogens and chemical residues. Then the soils qualify for Verity grain production.
Verity is organized into three business divisions: Soil Preservation, Water Systems and Consumer Products. Soil Preservation consists of Verity Farms and Verity Turf; Verity Water Systems and, Verity Consumer Products includes Verity Meats, Verity Produce and Verity Grains. Verity Farm's Meats are known for their taste borne of the company's strict policy of not utilizing antibiotics, artificial hormones, growth promotants and animal by-products in the production process. Part of the soil problem is experienced through genetic improvement. Hybrid crops have removed some nutrients faster than they have been replaced. The result is imbalances in many farm's soils that cause important minerals and trace minerals to be unavailable for crop utilization. Commercial production, represented by the very large corporate farms, has failed to recognize this elemental fact about soil and continue to apply large amounts of poorly balanced fertilizer into their soils.
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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 grown and 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 consists 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: https://www.youtube.com/watch?v=I6pDVbKEOOU&feature=youtube_gdata_player
About AquaLiv Technologies (www.aqualivtech.com):
AquaLiv Technologies, Inc., through its subsidiary, AquaLiv, Inc., offers unique solutions and for a variety of industries.
AquaLiv, Inc. 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, AquaLiv is providing innovative physics-based solutions to the world's largest problems. To learn more about AquaLiv, please visit:www.aqualiv.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.
SOURCE AquaLiv Technologies, Inc.