Water Intelligence plc Acquires New York Franchisee Completed
The Board of Water Intelligence is pleased to announce the closing of the acquisition of franchise territory covering New York. Closing was completed with the issuance of 50,000 ordinary shares of 1p each in the Company ("Ordinary Shares") to the former owner. The territory will be run as a corporate location with 2015 revenue and earnings consolidated directly into Water Intelligence. The location will be joined with our growing corporate operations that are located in Boston to form a regional office for the northeast U.S.
Executive Chairman Patrick DeSouza commented:
"As I recently noted with our February acquisition of the Miami franchise to form a regional office in the southeast U.S., our acquisition strategy is two-fold: First, expand corporate presence to accelerate nation-wide growth and second, incorporate select areas already partially developed by our franchisees to grow those locations even faster. We plan to launch additional corporate-run locations during 2015 while maintaining growth in our royalty income."
Application has been made for the 50,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will take place on 30 March 2015.
Following Admission of the Ordinary Shares, there will be a total of 10,617,650 Ordinary Shares in issue. There are currently no shares held in treasury, therefore this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, Water Intelligence under the FCA's Disclosure and Transparency Rules.