American Career Centers, Inc. (ACCI), announced yesterday that it has completed the acquisition of Water Star Bottling, Inc. and its 85-percent-owned subsidiary Geyser Products, in a stock-for-stock exchange.
Yesterday's acquisition is the result of completing all requirements of the agreements signed on January 18. ACCI will move into Water Star Bottling's corporate headquarters in Phoenix, Ariz. The board will also recommend a new name to shareholders that will be more reflective of its business operations.
Thomas Krucker, president of ACCI, stated, "We believe that the combined companies will benefit from the leverage of a strong financial management team and top consumer products marketing experts."
Water Star was founded in 1992 utilizing ice cold pure spring water from North America's only cold water geyser. The company's unique natural water source is located south of Yellowstone National Park and Jackson Hole, Wyo.
ACCI purchased 97.5 percent of Water Star's equity from its sole shareholder in exchange for 48,000,000 shares of ACCI's common stock and 4,000,000 Series A Convertible Preferred stock. ACCI plans to change the company's name to be more reflective of its current business activities.
Over the coming months management will introduce its plans to establish a plan that is designed to grow sales and profits in an orderly fashion while the company also builds a strong position in the market place.
The company also plans to launch new, high profit margin product lines that are planned for introduction in the second quarter of 2002.
Source: Business Wire