American Career Centers Inc. announced that its board voted unanimously to approve the acquisition of Water Star Bottling Inc. The companies signed a definitive agreement for the purchase of Water Star Bottling Inc. in a stock for stock exchange on Jan. 18 and final approval has now been obtained.
Thomas Krucker, president of ACCI, stated, "The parties now have all requirements of closing in place and will file the necessary documents to close on Thursday, Feb. 21, 2002."
Krucker added, "We believe that the combined companies will benefit from the combined management teams, the solid track record of sales growth which has averaged close to $8 million per year. Early shipments are strong and there is a substantial order backlog indicating strong growth potential for Water Star in 2002.
"In addition, we are very excited about new, high profit margin items that are planned for introduction in the second quarter. Water Star's growth plan and strong industry trends should provide an excellent opportunity to build shareholder value for our ACCI shareholders."
Located south of Yellowstone National Park and Jackson Hole, Wyo., Water Star was founded in 1992 utilizing ice cold spring water from North America's only cold water geyser. Water Star's products are distributed throughout the United States with continuing sales success based on marketing of unique fruit-flavored water products in a double-digit growth industry.
Focus on expanding existing sales, adding new sales through specialty stores and mass merchandiser retailers as well as new distribution agreements with top distributors and retailers nationally will add fuel to company success.
The terms of the transaction called for a number of requirements be met before the final closing, which now have to be filed with the appropriate parties and government agencies to complete the transaction.
Even though the parties have spent considerable time to agree on the terms and conditions and prepare for the closing of the transaction, final acceptance is still needed even though ACCI's board has already approved the transaction. There are still documents that need to be completed and filed before the final closing.