To the old-timers only:
This posted yesterday on the FAS web site. Anyone give Wilson a chance to build a profitable company? Anyone think of any way to participate (except for the passive ownership of a little piece via RRRR)? Anyone think it would be a good investment?
Fresh Air Solutions Completes Management Buyout
HATBORO, PA OCT 30 -- Fresh Air Solutions (FAS - news: freshairsolutions.com) today announced the closing of a transaction in which a management group purchased the controlling interest in Fresh Air Solutions from Rare Medium Corp. (NASDAQ: RRRR). The sale allows FAS to continue focusing on the business of manufacturing and selling specialty air handling equipment, while allowing Rare Medium to concentrate on their core business of providing Internet service.
Under the terms of the agreement, the management group, led by Mr. William Wilson, President and CEO of FAS, paid $1.5 million for a 64% share of FAS, with Rare Medium (formerly NASDAQ: ICGN; ICC, Technologies) retaining a 36% passive interest.
"The company is now 100% focused on building the best air handling equipment possible," said William Wilson, President of FAS. "We have built on our core desiccant product line and now manufacture a full line of energy recovery ventilators, custom air handlers, and specialty products—with or without desiccant—tailored to meet the individual needs of our customers. Our broader product offering and strong focus on quality has been greeted enthusiastically by our sales representatives and has resulted in a significant increase in sales and new prospects." Before taking the lead at FAS, Mr. Wilson was President and CEO of Carrier Corporation.
About FAS
FAS is the successor to the Engelhard/ICC partnership. FAS began by manufacturing desiccant air-conditioning systems, which are sold today under the Desert Cool® and Desert Ice product names. These systems offer independent control of temperature and humidity allowing building owners to easily control humidity and economically meet new ventilation air requirements.
FAS also manufactures and sells a full line of Energy Recovery Ventilators (ERVs). These units incorporate all of FAS' desiccant technology to provide a lower cost option to pre-treating ventilation air. Significant reductions in heating and cooling costs result when these products are properly applied.
Recently, FAS introduced a full line of custom and semi-custom air-handlers. These systems provide numerous options to fit the specific needs of building owners. The units may also integrate desiccant systems to provide complete air-conditioning and dehumidification solutions.
FAS sells its products throughout the United States and internationally to markets
such as Korea, Japan, Israel, Europe and Latin America.
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