Planet Technologies and Allergy Control Products Announce Merger
09 März 2005 - 12:05PM
PR Newswire (US)
Planet Technologies and Allergy Control Products Announce Merger
SAN DIEGO and RIDGEFIELD, Conn., March 9 /PRNewswire-FirstCall/ --
Planet Technologies, Inc. (OTC:PLNT) (BULLETIN BOARD: PLNT)
("Planet"), today announced that it entered into a definitive
agreement to acquire Allergy Control Products, Inc. ("ACP"). The
combination of Planet's Allergy Free business with Allergy Control
will create one of the leading marketers of allergy avoidance
products. The newly combined Planet will distribute and sell a full
range of physician recommended allergy avoidance products including
home air filters and room air cleaners marketed under the
Allergy-Free(R) trade name, bedding and encasings marketed under
the Allergy Control(R) trade name and a broad array of additional
branded allergy and asthma products. Combined annual sales for 2004
exceeded U.S. $8,000,000. Scott L. Glenn, chairman and chief
executive officer of Planet, stated, "We are excited to welcome
Allergy Control Products into the Planet family. In addition to
potential cost savings from consolidating operations, Allergy Free
and ACP have distinctive product lines and complementary types of
customers which should provide fertile ground for new marketing
initiatives aimed at profitable revenue growth." Edward J. Steube,
chief executive officer of Allergy Control Products, added, "The
combination of our respective strengths and capabilities will be
formidable. Together, Planet and Allergy Control Products will have
the scale and breadth of product line necessary to compete more
effectively in today's allergy avoidance products market." Added
Mr. Glenn, "The Allergy Control transaction represents an important
next step in the execution of Planet's corporate strategy of
aggressively pursuing the acquisition and consolidation of
companies with proprietary products and a focus on the allergist
and the allergy sufferer." The directors and officers of Planet
after the merger shall be the same except for the addition of Mr.
Steube as President of the ACP subsidiary and as a director of
Planet. The company will maintain executive offices in San Diego,
California and Ridgefield, Connecticut. The merger transaction will
be structured pursuant to an Agreement and Plan of Merger agreed
upon by both parties, and is subject to approval by each party's
respective shareholders and other contingencies. Pursuant to the
terms of the merger transaction the shareholder of ACP will be
issued 600,000 shares of Planet common stock. In addition, ACP debt
to its shareholder in the approximate amount of U.S. $1,500,000
will be paid in full by Planet. This release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
that such statements shall be protected by the safe harbors
provided for in such sections. Such statements are subject to risks
and uncertainties that could cause the Company's actual results to
vary materially from those projected in such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to those discussed in the
section entitled "Risk Factors," and in "Item 6 - Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's latest Form 10-KSB and in the section
entitled "Risk Factors" in the Company's latest Definitive Proxy
Statement filed with the S.E.C. About Planet Technologies, Inc.
Planet Technologies, Inc. (OTC:PLNT) (BULLETIN BOARD: PLNT) is
focused on providing quality care products for allergy sufferers.
On November 30, 2004, Planet acquired the business of Allergy Free,
LLC, and is now engaged in the business of manufacturing, selling,
and distributing products for use by allergy sensitive persons.
Allergy-Free(R) products, including the Aller-Pure(R) line of home
air filters, have been sold to over half a million customers,
dating back to 1985. Planet Technologies is committed to Improving
Life Indoors(TM). Additional information can be found at
http://www.planettechinc.com/. About Allergy Control Products, Inc.
Allergy Control Products offers a full line of
physician-recommended allergen avoidance products for allergy
relief. In 1983, Allergy Control Products introduced the first
pillow and mattress encasings with an allergen-impermeable barrier
to block dust mite allergen while allowing vapor permeability for
enhanced comfort. Today, ACP is a recognized worldwide leader in
the allergen-avoidance field. ACP's mission is to build upon this
valued leadership position by bringing the highest quality allergen
avoidance solutions to an increasing number of allergy sufferers.
ACP can be visited online at http://www.allergycontrol.com/.
DATASOURCE: Planet Technologies, Inc. CONTACT: Scott L. Glenn,
President & CEO, +1-858-456-2252, or Bret E. Megargel, Vice
President, Marketing, +1-858-457-4742 ext. 1167, both of Planet
Technologies, Inc. Web site: http://www.planettechinc.com/ Web
site: http://www.allergycontrol.com/
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