UV Flu Approves Plan to Maximize Shareholder Value With Spinoff of RxAir
21 Giugno 2013 - 2:30PM
Marketwired
UV Flu Technologies, Inc. (OTCQB: UVFT) (the
"Company") announced today that the Board of Directors has
authorized management to pursue the spinoff of its RxAir business
into a separate publicly-traded entity. The RxAir division will
concentrate entirely on the medical and commercial markets, while
the parent will continue to concentrate on the residential
marketplace.
It is anticipated that the transaction would be structured as a
pro rata distribution to all shareholders of UV Flu with the
holders of its common stock receiving additional common stock in
RxAir. Upon closing of the proposed spin-off transaction, UV Flu's
existing shareholders would hold interests in both UV Flu and
RxAir.
Upon closing of the transaction, it is anticipated that RxAir
will assemble a separate management team and Board of Directors.
Executing the transaction requires further work on structure,
management, governance, and other significant matters. Within the
next months, UV Flu and RxAir's management will develop detailed
plans for the Board's further consideration and final approval.
"This transaction will unlock the value hidden within each of
the two entities to achieve strategic and operational clarity,"
said Jack Lennon, CEO. "The parent will have its unique flagship
patented UV air purifier, the ViraTech UV-400™, which is an FDA
Cleared Class II Medical Device."
"RxAir will have five products, with its patented, FDA Cleared
HEPA air purifier, the RX-3000, along with the RxAir Plus System,
which utilizes two FDA Cleared technologies, along with the
RX-4500, the RX-6500 and the RX-400."
"RxAir will include the medical market, which will encompass the
Sleep marketplace, including sleep centers and hospitals, clinics
and nursing homes. In addition RxAir will include the commercial
market, which will include casinos, salons, restaurants, government
buildings and military installations. RxAir has an installed base
in over 600 hospitals in several countries, along with numerous
commercial accounts, we think the platform for focused growth, for
both entities, will dramatically enhance shareholder value," said
Mr. Lennon.
Further details regarding the Company's business, acquisitions,
financial reports and agreements are filed as part of the Company's
continuous public disclosure as a reporting issuer under the
Securities Exchange Act of 1934 filed with the Securities and
Exchange Commission's ("SEC") EDGAR database. For more information,
visit: www.uvflutech.com, and click on the 5 minute video
describing the ViraTech UV-400™.
About UV Flu Technologies, Inc. (OTCQB:
UVFT) UV Flu Technologies is an innovative developer; manufacturer
and distributor of bio technology products initially targeting the
rapidly growing Indoor Air Quality ("IAQ") industry sector ($7
billion in 2011). The Company manufactures the ViraTech UV-400™,
which utilizes high-intensity ultraviolet radiation (UV-C) inside a
killing chamber that goes beyond filtration to destroy harmful
airborne bacteria, at rates exceeding 99.2% on a first-pass basis,
while also reducing the concentrations of odors, and VOC's
(volatile organic compounds, such as acetone, benzene,
formaldehyde, etc.) The FDA has issued a coveted Class II medical
listing that enables UV Flu Technologies to market the product as a
medical device. For more information, visit: www.uvflutech.com
About RxAir Industries, LLC RxAir™ is the
leading provider of air purification solutions for the medical
industry with hundreds of units in waiting rooms to emergency rooms
in respected medical facilities nationwide. RxAir™ products remove
harmful pathogens from the air in infectious environments for
emergency pandemics through isolation rooms and negative pressure
rooms. The RxAir™ air purification line is 99.97% efficient,
portable, and adaptable, requires zero-maintenance.
http://www.rxair.com
Notice Regarding Forward-Looking
Statements This news release contains "forward-looking
statements" as that term is defined in Section 27A of the United
States Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such
forward-looking statements include, among other things, the
development, costs and results of new business opportunities.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
new projects and development stage companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that any beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
any such beliefs, plans, expectations or intentions will prove to
be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission. Executing the transaction requires further work on
structure, management, governance, and other significant matters.
Within the next number of months, UV Flu's and RxAir's management
will develop detailed plans for the Board's further consideration
and final approval.
The completion of the spin-off is subject to a number of
conditions, including final approval of the transaction by each
Board, favorable tax rulings and or opinions of the transaction to
UV Flu and to its shareholders, further due diligence as
appropriate, and the filing and effectiveness of appropriate
filings with the Securities and Exchange Commission ("SEC"). There
can be no assurances given that the separation of UV Flu's business
as described in this announcement will occur. UV Flu will provide
interim updates as appropriate.
ON BEHALF OF THE BOARD
UV Flu Technologies, Inc.
----------------------------- John J. Lennon,
President/CEO
Investor Information: Toll-Free: 1-877-358-5545
(FLU-KILL) Web: www.uvflutech.com Retail or Internet
Inquires: Please call our Corporate Office at: 508-362-5455
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