SIOUX FALLS, S.D., Jan. 22, 2013 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTC QB: AQLV), a life sciences research and development company and now a vertically integrated premium natural food producer, announced today unaudited revenues of its newly acquired subsidiary, Verity Farms, and several steps intended to strengthen the company in preparation for reorganization and growth. Among these are the internalization of existing debts and withdrawal of the company's S-1 registration, along with a previously announced name change to Verity Inc. to reflect the expanded mission of the public entity.
The company announced that early accounting for the calendar year 2012 points towards Verity Farms realizing revenues of $2.36 million, a 20% increase over its previous year. A financial audit of Verity Farms is in progress. The complete 2011 and 2012 financial statements for Verity Farms will be released and filed with the Securities and Exchange Commission (SEC) upon completion of the audit.
Recently appointed CEO of AquaLiv Technologies, Duane Spader, said, "With combined revenues of nearly $2.77 million and assets of approximately $4.5 million, this company's financials are nothing like before. We've also have begun reorganizing some existing debts of the company to eliminate the negative impact to shareholder value while enhancing our financial flexibility."
Over the past quarter the company has retired over $100,000 in corporate debt and paid off a third party note with TCA Global Credit Master Fund, LP, exceeding $241,000, with a note from its new CEO. The company also withdrew its Form S-1 filing, which allows the company to focus its energy on the business combination and seek better valuations for future capital raises."Internalizing these debts will allow us the freedom to develop the culture of this newly expanded organization with a focus on long-term stakeholder value instead of the immediate needs of lenders," added Mr. Spader. "It's impossible for a company to focus on the right things when it has the wrong kind of debt hanging over it. I've consulted with nearly 1000 companies during my tenure with Spader Business Management and it is clear to me that it takes a dynamic, values-driven culture to build a great company. These actions allow us the opportunity to focus on our people and culture in laying the groundwork for building the long-term value our investors are seeking.