Enviro-Serv Inc. Signs Letter of Intent to Acquire Pest Control Operations With Nearly $1 Million in Revenues for
Enviro-serv, Inc. (PC) (USOTC:EVSV)
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Heute : Tuesday 8 April 2014
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Enviro-Serv Inc. Signs Letter of Intent to Acquire Pest Control Operations With Nearly $1 Million in Revenues for 2013
TAMPA, FL--(Marketwired - Apr 8, 2014) - Enviro-Serv, Inc. (OTC: EVSV) is pleased to announce today that it has signed a Letter of Intent to purchase a Tampa Bay pest control company that produced just under $1 million in revenues for 2013. The target acquisition is a 40 year old industry area leader specializing in Fumigation, GHP (General Household Pest control) and L&O (Lawn and Ornamental). The purchase also includes approximately $100,000 in equipment and materials.
The deal calls for an $850,000 purchase on terms with a partial down payment to effect the acquisition. Due to a non-disclosure agreement the name of the selling company will not be disclosed to the public.
EVSV CEO and Chairman, Chris Trina, is thrilled with the deal: "This acquisition is a significant step in further positioning our company toward becoming a dominating force in the SE United States Pest Control industry; particularly in the state of Florida, inclusive of our flagship services in the Tampa Bay area. I looked closely at this deal last December but the timing and selling price wasn't right at that time. With the new lower negotiated selling price and other events that are unfolding currently, management feels extremely fortunate that Enviro-Serv, not our competitors, won the battle to ink this deal before it was too late."
He continues, "Fumigation has been the primary termite treatment for decades, but recently, orange oil termite treatment has come into the market as a non-fumigation option. We are already a pioneer in the use of Orange Oil for termite treatment. Recent successes, continued negotiations and the recently signed LOI only strengthens our existing Fumigation business. This allows us to offer a wide array of services to an ever-expanding customer base, both residential and commercial."
Since last August, EVSV has been working very closely with an accredited investor group based in New York. After reviewing the letter of intent, the group has shown great interest in investing into EVSV to assist in the needed capital raise to solidify this deal in a timely manner. Trina is confident this acquisition will stimulate an increase in sustainable growth for EVSV and overall shareholder value and concluded with these remarks: "There is a vast opportunity to take existing operations and extend operations into additional locations toward creating a recognizable brand and potential for exponential increase in revenues."
"This has been an incredible year so far given the increase in overall need for our company's services in the areas that we focus, in line with our increase in popularity in the Tampa Bay area with much thanks to word of mouth and effective grass roots marketing and successful SEO rankings for our business."
EVSV expects to release additional details in the coming days toward what Trina feels, "is an excellent growth play for our Company and its shareholders alike." |
