The Directors of Refresh Group Ltd (RGP) are pleased to announce that it has signed a Memorandum of Understanding with AridTec Pte Ltd and its shareholders. Refresh will acquire 100% of AridTec through the issue of new shares subject to certain terms and conditions. Upon shareholders’ approval, 63 million Refresh shares will be allotted to the shareholders of AridTec. Depending on AridTec achieving certain profit milestones, in a year’s time, a second issue of Refresh shares will be made which is capped at 99 million shares.
AridTec is a Singapore-based company. It is the parent company of AirQua International Pte Ltd (AirQua). It was established in 2007 by a group of innovative individuals who are deeply concerned that people should never be denied access to drinking water. AirQua provides fresh, potable water from an unlimited source: the air. It’s the sustainable solution to providing fresh water in abundance, wherever whenever. Combining advanced technologies with committed staff, AirQua provides alternative water solutions that make a real difference to everyday life. AirQua products are sold worldwide, including in Australia.
With the acquisition of AridTec, Refresh will now have two strong legs to stand on. While Refresh continues to grow in the bottled water and water purification markets in Australia, AridTec, with its global focus would open doors for Refresh to offer consultancy and/or licensed their know-how and technology to other companies. For instance, AridTec is currently negotiating to supply air-to-water generators in turnkey projects for bottling plants. Having set up 6 bottled water factories, Refresh is able to tap on this expertise to set up and design bottled water factories around the world. Together Refresh and AridTec can now offer total bottled water solutions to the international markets.
Tags: AridTec, New acquisition, Refresh Group, RGP, Water supply
