Refresh Group Ltd (RGP) is pleased to announce that it has executed a formal Share Sale and Purchase Agreement with AridTec Pte Ltd (AridTec) and its shareholders for the acquisition of AridTec by Refresh. The final terms for the acquisition of AridTec have been varied since the announcement of the Memorandum of Understanding on 4 September 2009. The vendors of AridTec will now receive 71,800,000 shares in Refresh with the potential to receive up to a further 48,200,000 shares upon the achievement of certain profit milestones.
The acquisition of AridTec is subject to the approval of Refresh’s shareholders. Refresh proposes to hold a general meeting of its shareholders in June 2010. AridTec and its wholly-owned subsidiary, AirQua International Pte Ltd, (AirQua) are Singapore incorporated entities. AirQua is a complete global alternative potable water solution provider specialising in atmospheric water harvesting solutions which draw water vapour from the air and producing drinking water in abundance through its patented technologies. AirQua can provide solutions to the world’s water needs. From the home to the office, to the factory floor, to farmers, doctors, hospitals, building and construction sites, oil fields, oil rigs and platforms, the military, international aid and rescue organisations, stationary units and or mobile units; the possibilities are almost endless.
Various models are available ranging from 24 litres per day to 500 litres per day. It provides good quality drinking water anywhere and is not dependent on water source. Where there is no electricity, it could be powered by a generator. AirQua has supplied such models mounted on trailers. This is also suitable for emergency relief situations.
Air-to-water generators use a minimal carbon footprint. It has no wasted water, energy or plastic as well as no transportation cost. It is certainly the ultimate green water source. To accelerate its growth, Aridtec has signed a Memorandum of Understanding with its American distributor to license its patented technologies for a fee.
Refresh Chairman, Henry Heng, commented. “We have been distributing AirQua products in Australia since July 2009 and are confident their products will sell well. The acquisition will strengthen Refresh’s revenue base and improve its bottom line.”
Upon successful completion of the acquisition, Mr Vincent Oh will join the Board of Refresh. Mr Oh is the inventor of the AirQua technology. He graduated from the University of Wisconsin, United States, with a Master in Computer Sciences.
