American Leak Detection (ALD), a provider of non-invasive detection of water and other leaks, is positioned to accelerate expansion efforts--and enhance its brand and technology--with the completion of a transaction between its parent, American Leak Detection Holding Corp. (ALDHC) and UK-based Qonnectis plc.
Through a reverse merger and a coinciding capital infusion, Qonnectis acquired 91.57% of ALDHC. The entity has been renamed Water Intelligence plc and is traded on the AIM Market of the London Stock Exchange under the ticker symbol “WATR.”
American Leak Detection will continue to exist as a separate corporation and operate under its existing brand.
“We are excited about this strategic opportunity,” said Stan Berenbaum, CEO of American Leak Detection and CEO of Water Intelligence. “We intend to maximize ALD’s franchise and corporate-run opportunities, drive product innovation and quickly establish a U.K. operation.”
Founded in 2000, Qonnectis sells metering products. It also provides a managed service to water and energy utilities that allows for remote and automated meter reading, data storage and analysis.
Source: American Leak Detection
