SOURCE: AquaCell Technologies, Inc.

December 04, 2006 07:00 ET

AquaCell Technologies Signs Letter of Intent to Acquire Citation Publishing

AquaCell to Hire New President and Chief Financial Officer; Acquisition Valued at $21 Million

RANCHO CUCAMONGA, CA -- (MARKET WIRE) -- December 4, 2006 -- AquaCell Technologies, Inc. (PINKSHEETS: AQUA) has signed a letter of intent to acquire Citation Publishing, Inc. ( an industry leader in web hosted information technology. Under the terms of the agreement, AquaCell will acquire Citation for 21 million shares of AquaCell Technologies stock, which the parties have agreed to value at $1.00 per share. Citation's President Kevin Spence will become AquaCell's President and Chief Financial Officer.

"Citation has developed a revolutionary platform that can be greatly expanded to serve a far-reaching diverse client base," said Kevin Spence, former Executive Vice President and Chief Financial Officer of US Filter, a Fortune 500 company. "Being acquired by AquaCell gives us the ability to access the public markets to facilitate more rapid growth and gain exposure in the marketplace."

Citation's proprietary information technology platform allows the company to create and maintain state-of-the-art content specific web portal products. Its flagship portal product is CyberRegs™, which provides subscribers with the single-most preeminent online compliance library of environmental, health, safety and transportation regulations in a user-friendly format.

Thousands of professionals have made CyberRegs™ their number one choice for regulatory compliance documentation. Subscribers to CyberRegs include business professionals from Fortune 500 companies, consulting firms and other organizations.

Citation is currently developing proprietary portals for various Standard Development Organizations and has teamed with such powerful brand names as Aspen Publishing and Essential Information Systems (ESS). In 2005, Citation entered into an agreement with Information Handling Services (I.H.S.), a NYSE traded company, to market its CyberRegs product.

During Mr. Spence's tenure with US Filter, annual revenues increased from approximately $25 million to nearly $4.5 billion before being acquired in 1999 by Vivendi S.A. Mr. Spence oversaw a series of public offerings in the equity markets, raising more than $500 million in equity and $1.5 billion in debt financing.

The acquisition is expected to be finalized by the end of the year subject to a waiver of a third-party's right of first refusal, which if invoked would provide AquaCell with a breakup fee.

About Citation

Citation ( is an Internet publisher of government information of interest primarily to Environment, Health and Safety (EH&S) compliance professionals. It is the creator of the CyberRegs™ website, a highly capable but user-friendly interface to a large library of government documents. These include United States national documents, of all 50 states, and documents from 20 other countries.

The Citation document library primarily contains EH&S documents, and in some areas (especially United States national documents), coverage is more comprehensive. The CyberRegs product adds value to the documents in the document library by highly advanced search capabilities, including searching for state documents that are similar to portions of U.S. federal (CFR) documents, precise change identification, and customer driven document management features.

Citation combines cost savings and a superior product into a compelling value proposition for EH&S professionals.

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