SEHO - acquisition - environ-friendly chem products
SENSE Holdings Completes Acquisition of Fluorine Chemical Company in China
Aug 6, 2007 08:30:21 (ET)
FORT LAUDERDALE, Fla., Aug 06, 2007 (BUSINESS WIRE) -- SENSE Holdings, Inc. (SENSE) (SEHO, Trade ), a provider of biometrically secured identification systems and Homeland Security solutions, announced that the company has completed its acquisition of 56.08 percent of Shanghai Aohong Industry Co. Ltd., a leading distributor of chemical fluorine products throughout Asia, including a number of more environmentally friendly products.
Shanghai Aohong Industry Co. Ltd. ("Aohong"), established in February 2000, is headquartered in the Huating Economic & Development Area, Jiading District in Shanghai, China. Aohong specializes in the processing, distribution, and import/export of a variety of refrigerant and coolant products used in automobiles, air conditioning systems, refrigeration units, and fire extinguishing agents. Aohong is a recognized supplier to many well known multi-national companies.
Aohong has exhibited substantial revenue growth in recent years with audited fiscal 2006 revenues reaching $21.1 million, up from $13.8 million in fiscal 2005. In both years Aohong reported an overall net profit. As previously announced, Aohong recorded revenues of $14.4 million for the first 4 months of 2007, showing continued acceleration in revenues. The two companies have effectuated the merger to expand Aohong's marketing efforts in capitalizing on global opportunities in the United States and Europe as the world markets continue to look for solutions in the air conditioning and refrigeration industries. Aohong offers a number of environmentally friendly solutions and will continue to shift its product offerings in this direction as the market for "green" products continues to increase.
Commenting on the agreement, Mr. Dore Perler, CEO of SENSE Holdings, Inc. stated, "We are excited to enter this new era in our company's history. We have been evaluating opportunities in China for a number of years and believe that Aohong has all the right ingredients to help propel substantial revenue and earnings growth for SENSE's shareholders in the coming years. Aohong has demonstrated a consistent pattern of growth since its inception in 2000 and we believe that this acquisition will help accelerate future growth as we help Aohong enter new global markets for their products. We will work closely with Aohong to achieve our goal of generating in excess of $40 million in revenues for the current year. This acquisition adds a strong component of revenue and balance sheet stability to SENSE as we continue to pursue our project with Oakridge National Laboratories and our biometric technologies."
Safe Harbor Statement
Statements contained herein, other than historical data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's ability to generate meaningful revenues and achieve profitable operations; its ability to obtain necessary capital; whether biometric fingerprint technology is accepted in the marketplace; whether the Company is able to develop and successfully market products incorporating MEMS technology; whether it can compete in a challenging marketplace; and whether the Company can successfully integrate its technology with other technologies to create commercially viable products. Additional risks and uncertainties are set forth in the Company's SEC filings including its Annual Report on Form 10-KSB and registration statements filed under the Securities Act of 1933, as amended.
SOURCE: SENSE Holdings, Inc.
SENSE Holdings, Inc., Fort Lauderdale
Dore Perler, 954-726-1422
dore@senseme.com |
