AquaLiv Technologies, Inc. Releases Audited Verity Farms Financials
SIOUX FALLS, S.D., March 20, 2013 /PRNewswire/ -- AquaLiv Technologies, Inc. (OTCQB: AQLV), a vertically integrated premium natural foods producer utilizing advanced sustainable food production technologies and soon to be renamed Verity Corp, has released the audited financial statements for its acquisition, Verity Farms, along with consolidated pro forma financial statements for the Company.
Audited financial statements for Verity Farms, LLC (the operating entity of Verity Farms II, Inc.) show that the company exceeded previous guidance by 8.5% with fiscal year ended September 30, 2012 revenues of $2,562,732, an increase of 29.5% over the previous fiscal year end. Pro forma annual revenue for the combined entities of AquaLiv and Verity Farms exceeded $3 million. The Company's combined current balance sheet verifies an increase in total assets of over $4.7 million consistent with its Form 10-Q filing in February.
Duane Spader, CEO of AquaLiv Technologies, Inc. (Verity Corp.) said, "We are pleased to see that our audited revenues for 2012 were greater than our unaudited results we previously announced. Verity Farms' history as a private company, with its growing revenues from a customer base that returns year after year, will serve as a firm foundation for our combined companies. Building a company with the financial flexibility to take advantage of the market opportunities before us is becoming a reality. With the recent unilateral declaration by Whole Foods Markets to require their suppliers to label their products GMO or non-GMO by 2018, it is becoming clear to the marketplace-at-large that sustainable and healthy food production will be a rapidly growing sector."
Spader added, "Our expansion into the Southern states where many crops can have two planting seasons has required some significant upfront investment represented by Verity's opening of a facility in Pelham, Georgia. But we are already very encouraged by the level of interest and business activity being experienced in Pelham. We are currently in the midst of planting season in the states serviced by Pelham—Florida, Georgia, Alabama--- and we look forward to significant revenue contribution from this new office this year. We are simultaneously developing a market presence in a number of other states nationwide."Spader concluded, "With Verity's diversified portfolio of products and services, long operating history in the field of sustainable agriculture and expanding recurring revenue base, we are excited to be in the vanguard of offering farmers sustainable solutions for healthy and efficient food production to meet the nutritional needs of a rapidly growing population of concerned consumers."
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