NEW YORK, May 25 /PRNewswire-FirstCall/ -- Nesco Industries, Inc. (BULLETIN BOARD: NESK) ("Nesco" or the "Company") announced today that it has completed a transaction with stockholders of Hydrogel Design Systems, Inc. (HDS), a privately held medical supply company, in which Hydrogel stockholders acquired a majority interest in Nesco. Nesco will continue as a public company, and, as previously announced, is considering a name change.
In connection with the transaction Matthew Harriton, the President of HDS, joined the Board of Nesco and entered into a three year employment agreement to provide his services as Chairman and Chief Executive Officer of Nesco.
HDS develops, manufactures and markets high water content, electron beam cross-linked, aqueous polymer hydrogels used for wound care, medical diagnostics, transdermal drug delivery and cosmetics. HDS gels are produced using unique proprietary manufacturing technologies which enable HDS to produce gels that can satisfy rigid tolerance specifications with respect to a wide range of physical characteristics while maintaining product integrity. HDS gels are also stable in form and composition, adhere painlessly to the human body and are compatible with active ingredients.
Statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements which may be made in this release or which are otherwise made by or on behalf of the Company. Factors which may affect the Company's results include, but are not limited to, product demand, market acceptance, impact of competitive products and prices, product development, completion of an acquisition, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include but are not limited to, those discussed in the Company's filings with the Securities and Exchange Commission.
Nesco Industries, Inc.CONTACT: Matthew Harriton, Nesco Industries, Inc., +1-212-808-0607
