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This press release was originally distributed via the eWire press wire service (2002–2016). It is preserved here as a historical record.
Cyrus Industries Consummates Merger with AVANT
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
Cyrus Industries Consummates Merger with AVANT
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Cyrus Industries Consummates Merger with AVANT
CANADA, Aug. 15 -/E-Wire/Business Wire/-- Cyrus Industries, Inc., today announced that it has completed the merger of Global Water Technology Inc. d/b/a Avant ("Avant") into Avant Acquisition, Inc., a wholly owned subsidiary of Cyrus. Pursuant to the terms of the merger, Avant merged into the wholly owned subsidiary of Cyrus and in exchange the shareholders of Avant, were issued shares of Cyrus' Common Stock that approximate 60 percent of the outstanding shares of Cyrus calculated on a fully diluted basis. In addition, James Charlton, former President and Chairman of the Board of Directors of Avant, has assumed the position of Chief Executive Officer and Chairman of the Board of Directors of Cyrus.
"This is a very exciting time for Cyrus. With the consummation of the merger, we are now positioned to bring the Avant technology base to market," said James Charlton, Chief Executive Officer of Cyrus.
Cyrus Industries, Inc. Overview
As a result of the consummation of the merger, Cyrus Industries will focus on the exploitation of Avant's Water Sentinel ("WSS"). The WSS will monitor and gather water data for Chlorine, pH, turbidity, water temperature, ambient air temperature and water flow rate on small to mid-sized commercial water sites. The system has up to 10 analog inputs and 8 digital inputs/outputs. The system will collect and store data to use for a year end report. The WSS will report out-of-limit measurements directly to a centralized server that in turn would notify a technician on call. The WSS is highly configurable and programmable which will allow adaptation to practically any process.
Cyrus management will seek to target its Water Sentinel in connection with the Water Sentinel Initiative (Homeland Security Presidential Directive 7, that is being planned in conjunction with the EPA) as well as the Land Leased Association of Canada which is mandated for immediate implementation by Ontario Law ON170-03.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, which include the ability of the company to implement its business plans, actual results may differ materially from the expectations expressed in the forward-looking statements.
Cyrus Industries, Inc.,
Cynthia DeMonte [REDACTED-EMAIL]
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