NVID International Inc. Makes Announcement
Business Wire - September 23, 1997 12:21
NVID-INTERNATIONAL NVID %FLORIDA %ENMED %ENVIRONMENT %CHEMICALS %PLASTICS
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CLEARWATER, Fla.--(BUSINESS WIRE)--Sept. 23, 1997--NVID International Inc.
(OTC BB:NVID) announced
Tuesday that the Sarasota residence which was quit-claim deeded back to
NVID and released by United States
Judge Henry Lee Adams, Jr. on June 19, 1997 has been sold for $240,000.
This sale closed and the $240,000 less commissions and closing costs have
been received by the company. This
money is intended to be used as working capital for the new management team
to pay off creditors and take the
company forward. Although the company has received the funds from the sale
of the home that was returned to
the company, the company still has limited financial resources.
The company has scheduled an Annual Shareholders Meeting for Oct. 17, 1997
for the current shareholders of
record at the close of business on Sept. 25, 1997. The meeting will be held
at 10:00 a.m. at the Quality Inn
(Suncoast Room, 3rd floor) 20162 U.S. 19 N. Clearwater, Florida. The notice
of meeting and proxy are in the
process of being mailed.
One item on the agenda of the Annual Meeting will be the election of the
Board of Directors. In addition to David
Larson and Michael Redden, Dr. M. Robert Edelson, Ph.D. has agreed in
principle to accept a Board of Directors
position for NVID upon approval at the annual meeting. Dr. Edelson is a
well-known water scientist who was
named Teacher of the Year for the National Swimming Pool Foundation. He is
the first year past President of the
Minnesota Environmental Health Association and is an active member on the
Chemical Treatment and Process
Committee of the National Spa and Pool Institute. He presently works full
time for Ecolab Inc. Two additional
outside Directors are being considered.
A sale of the assets of Aquionics (a wholly-owned subsidiary of NVID that
manufactured Aqua Bio Technologies
Inc. ionization equipment) was finalized on Thursday, Aug. 28 with
Environetic Technologies Inc. Environetics is
a manufacturer of ionization equipment and is located at the present
Aquionics address in Huron, Ohio. The
purchase price of Aquionics was $54,780.00, in which $38,870.52 will be
used for outstanding payables of
Aquionics. NVID has $42,024.09 of component inventory parts paid in full in
which Environetics will assemble for
Aqua Bio Technologies Inc. (ABT). Assembly of these components will
generate $200,000 in completed inventory
when and if completed for sale. NVID has the option per the new agreement
to manufacture its own ionization
equipment in the future using existing certifications. This agreement also
contains provisions for a private label
manufacturing arrangement for ionization equipment for ABT thus reducing
overhead and providing the company
a long-term supply of products.
An agreement to market and sell AXEN has been finalized. AXEN is a
disinfectant being developed by the
company. The product is designed to be non-toxic and environmentally
friendly. The company has patent
applications pending with respect to two formulas for the product -- one
for veterinary use and one for general
use. Testing of the products is not complete. Andrew Arata, the inventor of
the patented formulas and one of the
managing partners of Environetics, has signed a marketing agreement that
will ensure AXEN will receive
continued technical guidance and support. The company hopes to market the
products to larger companies who
will work with NVID for the completion of the development and commercial
marketing of the products. The
company is pursuing several potential development partners for this
purpose. No agreements have been entered
into and there can be no assurance that the company efforts in this regard
will be successful.
David Larson, President of NVID, stated that, "The sale of Aquionics will
help us focus on short-term sales and
marketing issues not only for ionization niches, but also on AXEN research
and development issues."
The CPA firm of Kerkering Barberio & Co., P.A. of Sarasota, Fla. has
accepted the job to finish NVID's Annual
Report for 1996, prepare state and federal tax returns, establish further
internal accounting procedures and act as
financial consultants for NVID.
A lawsuit has been successfully settled by the current NVID management team
that has been on-going since
October of 1995 between NVID and Superior Aqua Enterprises (SAE) of
Sarasota, Fla. SAE was the manufacturer
of ionization equipment for ABT prior to ABT manufacturing their own line
of ionization equipment. The AGREED
ORDER OF DISMISSAL was signed by the Honorable Robert B. Bennett, Circuit
Court Judge, Sarasota, Fla. on
July 22, 1997. David Larson states, "This is a positive step forward for
the company to keep attorneys off the
payroll and settle major differences with a friendly competitor." Also, as
part of the agreement SAE will honor all
equipment warranties past and future for SAE ionization equipment.
Dealing with the aftermath of the SEC action and the actions of former
officers has diverted the company's
remaining staff from pursuing the company's business. While the SEC suit
remains pending, the company's
position is still precarious, at best, but recent events will at least now
allow the company to focus on its business
and the future.
CONTACT: NVID International Inc., Clearwater
Mike Redden, 941/312-9100 |
