Jan 14 2011
Swisher Hygiene Inc. ("Swisher Hygiene") (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has acquired the hygiene and chemical business of ASC Hygiene, Inc. ("ASC"), its Orange County, California franchisee.
ASC is one of the longest operating Swisher Hygiene franchisees, having been a part of the Swisher Hygiene system since 1992. ASC provides its customers regularly scheduled service designed to improve the cleanliness and appearance of their facilities. Via its staff of seasoned route technicians, ASC details porcelain and chrome fixtures, applies germicide retardant to restroom surfaces and supplies paper, soap and air-fresheners on an on-demand basis in order to reduce the amount of inventory that customers need to carry. ASC has also recently begun to adopt some of Swisher Hygiene's more recent product and service offerings by expanding into the chemical business and deploying dish machines in customer facilities. Swisher Hygiene will be offering positions to all employees of ASC.
"We are excited to bring our Orange County franchisee fully on board as we further expand our California presence," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "I'd like to thank the ASC team for their leadership in developing the Orange County territory over the last 18 years and for being an important part of the Swisher Hygiene family during that time."
Total consideration paid for by Swisher Hygiene in connection with the acquisitions includes $1,000,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 553,304 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange.
Source: http://www.swisherhygiene.com/