SOURCE: AquaCell Technologies, Inc.

December 18, 2006 12:36 ET

AquaCell Technologies Issues Update on Acquisition of Citation

RANCHO CUCAMONGA, CA -- (MARKET WIRE) -- December 18, 2006 -- AquaCell Technologies, Inc. (PINKSHEETS: AQUA) issues the following update concerning AquaCell's Letter of Intent to acquire all of the shares of stock of Citation, Inc. entered into on December 1, 2006.

Citation has previously granted to a NYSE-listed company, a thirty (30) day right of first refusal to match any offer concerning Citation. Citation informed the NYSE-listed company of AquaCell's offer on December 4, 2006, giving them until January 4, 2007 to match the offer.

Citation must pay to AquaCell a one-million dollar ($1,000,000.00) break-up fee in the event that: (1) the NYSE company invokes its right of first refusal; or, (2) Citation terminates the Letter of Intent and if within one year thereafter Citation is acquired or merged into any other business or where any person acquires thirty 30% or more of the outstanding common stock of Citation.

Additionally, until the Definitive Agreement is executed by Citation and AquaCell, Citation may not initiate or hold discussions with any other entity (other than the NYSE-listed company) concerning any transaction that would affect any of the assets, operations or capital structure of the company. Citation is required to notify AquaCell in the event that an unsolicited offer is made, and must reject any such offer.

About AquaCell Technologies, Inc.

AquaCell Technologies, Inc. is based in Rancho Cucamonga, CA. Its AquaCell Media, Inc. subsidiary installs its patented self-filling Aquacell 1000 Bottled Water Cooler Systems free of charge into various locations, including retail establishments. AquaCell Media retains ownership of the coolers, and revenue is generated through "Coolertising" -- the sale of targeted advertising on the band of the cooler's permanently attached five-gallon bottle, for the promotion of products and/or services pertinent to the demographics and location, similar to the concept of billboard advertising.

Safe Harbor. Statement Under the Private Securities Litigation Reform Act of 1995.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our ability to continue relationships with customers; our ability to offer our products at competitive prices; and our ability to use the most current technology for our products.

Contact Information

  • Contact:
    Karen Laustsen
    (909) 987-0456