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HILLSBOROUGH, N.C., Jan. 24 -- NextPath
Technologies, Inc. announced that it has acquired Essentia Water, Inc., a
Woodinville, Washington premium water bottling company.
"With their experienced management team and
great bottled water products, Essentia is a tremendous addition to NextPath's
'Green Group,'" stated Jim Ladd, President of NextPath, a development stage
holding company that invests in rapidly expanding technology market sectors.
According to Kenneth Uptain, who will remain CEO
of Essentia, "All of us at Essentia are excited to become part of the
NextPath family. We look forward to furthering our vision to make Essentia an
international brand under the NextPath umbrella."
The merger consideration paid by NextPath
consisted of $8,000,000 worth of NextPath restricted common stock with
piggy-back registration rights (612,225 shares), including 26,435 shares of
NextPath stock that are being set aside for vested stock options that are being
assumed by NextPath.
Essentia is engaged in the business of
developing, manufacturing, packaging, and marketing bottled alkaline and
electrolyte enhanced premium water products with health and hydration benefits.
Essentia water is initially pre-filtered and purified using reverse osmosis and
ozonation to achieve 99.9% purity.
NextPath is a development stage holding company
that has acquisitions, joint ventures and other strategic alliances pending
which it believes will allow it and its subsidiaries to become significant
participants in a number of rapidly expanding technology market sectors, and
which it believes will result in increases in revenues and profitability.
SOURCE: NextPath Technologies, Inc.