CHARLOTTE, N.C., July 4, 2011 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (“Swisher Hygiene“) (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired Sanolite Corporation (“Sanolite”), the leading independent hygiene and chemical provider in the Northeast, as well as certain assets of Cavalier Chemical Co., Inc. (“Cavalier”). The transactions with the northern New Jersey-based companies further solidify and expand Swisher Hygiene’s ability to provide the service and support needed for the pursuit of nationwide corporate and distributor chemical account opportunities.
Sanolite was founded in 1949 by Norman Lubin and has grown to serve over 3,000 commercial and industrial customers throughout New York, New Jersey, Connecticut, Maryland, Pennsylvania and Florida by offering a complete suite of specialty chemicals and service programs to the foodservice and hospitality industries, including warewashing, housekeeping and laundry services.�Concurrent with the acquisition, the entire Sanolite team is expected to join Swisher Hygiene, with Brad Lubin and Mark Sherman, the principals of Sanolite, joining Swisher Hygiene as Vice Presidents and retaining their current positions with the Sanolite subsidiary.�� ��
With the acquisition, Swisher Hygiene has completed its shift to a regional operating structure, which provides for each region to be managed by highly knowledgeable entrepreneurs and corporate veterans with over 200 years of combined experience in the hygiene and chemical business. �The shift commenced in May with the business combinations of Mt. Hood Solutions in the Northwest and Proclean of Arizona in the Southwest. �Sanolite’s headquarters will be the home for Swisher Hygiene’s chemical operations in the Northeast region, while the former Gateway ProClean facility in St. Louis will be Swisher Hygiene’s base of operations in the Central region and Swisher Hygiene’s legacy team will continue to oversee its operations in the Southeast region.�The new regional operating structure allows for more efficient distribution of products for each region, thereby lowering product costs and providing for better customer service.�In addition, through consolidating operations and routes, Swisher Hygiene will be able to eliminate redundant costs, as well as focus on a more precise selling effort for new and existing customers.�
“The acquisition of Sanolite, a company that has flourished for over 60 years in the Northeast, is an important step in enhancing our presence in one of the top markets in the United States � metro New York City � while furthering our ability to provide hygiene and sanitation solutions on a nationwide basis,” said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene.�”This transaction will greatly increase our product and full-service offerings to our northeastern and mid-Atlantic customers.�Further, our new regional operating structure is enabling us to integrate our legacy branch operations with our newly acquired businesses.�We are pleased to add Brad and Mark to the Swisher Hygiene team, both of whom have the necessary experience to enhance Swisher Hygiene’s profile in the Northeast and thus provide significant value to the Swisher Hygiene organization.”
“I started Sanolite in 1949 with my wife, walking the streets selling detergent out of the trunk of my car while my wife did the invoicing and accounting, and today I am proud to have an incredible team of employees and over 3,000 customers,” said Sanolite founder Norman Lubin. �”Merging our operations with Swisher Hygiene is a unique situation that will open up opportunities for growth and success for our employees, and Swisher Hygiene is the right team to continue what we built over the past 62 years.”
Total consideration paid by Swisher Hygiene in connection with the acquisitions includes .75 million in cash, the assumption of certain liabilities, a .5 million promissory note and the issuance of up to 815,726 shares of common stock of Swisher Hygiene, subject to certain restrictions and conditions, including customary deliveries required by the Toronto Stock Exchange.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute “forward-looking information” or “forward-looking statements” within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words “plans,” “expects,” “is expected,” “scheduled,” “estimates,” or “believes,” or similar words or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur,” and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.�The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as the accuracy of management’s assessment of the effects of the successful completion and integration of the acquisitions.� All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the “Risk Factors” section of Swisher Hygiene’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com, and Swisher Hygiene’s other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com. The forward-looking information set forth in this news release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.�
Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.�
About Swisher Hygiene Inc.
Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia.�These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. The company’s most recent program enhancement is its introduction of solid waste management services to commercial and residential customers in selected markets. Together, this broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments from door to dumpster, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene’s customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.
CONTACT: Swisher Hygiene Inc.
Investor Contact:
Amy Simpson
Phone: (704) 602-7116
Garrett Edson, ICR
Phone: (203) 682-8331
Media Contact:
Alecia Pulman, ICR
Phone: (203) 682-8224
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