SOURCE: AquaStar Holdings, Inc.

April 05, 2011 08:23 ET

AquaStar Holdings, Inc. Signs Definitive Agreement to Complete Acquisition of SUTIMCo

Company Sets Sights on Future Funding Opportunities for University Developed Technologies

SANTA ANA, CA--(Marketwire - April 5, 2011) - AquaStar Holdings, Inc. (PINKSHEETS: RPPR) is pleased to announce that the Company has completed the acquisition of SUTIMCo, Inc., a provider of management services and infrastructure for emerging technology companies based in Santa Ana, CA. As part of the agreement, AquaStar has acquired 100% of the shares of SUTIMCo in exchange for $9,500,000, payable in $4,000,000 of preferred stock in AquaStar and $5,500,000 in cash to be paid within a 24 month period from the date of closing. The Company's first objective will be to negotiate and secure new financing to support the growth and product development of the university developed technologies that SUTIMCo markets.

The SUTIMCo, Inc. robust portfolio of relationships with prestigious American universities is unique and strategic. North American universities invest over $42 billion in science and technology research, with about 15,000 new technologies disclosed annually. SUTIMCo's portfolio of technology and innovation start-ups, in partnership with more than two-dozen of the nation's premier research universities, includes operating companies, companies in the pre-funding stage and projects in the development process. Each of these business entities is being advanced by the SUTIMCo management team and methodology.

"We are thrilled to be expanding our presence in the emerging technologies market with SUTIMCo as terms have been finalized by both parties," stated Malcolm Lennie, President of AquaStar Holdings, Inc. "We expect SUTIMCo's outstanding team will help us drive increased revenue and shareholder value."

About AquaStar Holdings, Inc.:

AquaStar Holdings, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. AquaStar Holdings provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, AquaStar Holdings can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

Contact Information

  • Contact:
    AquaStar Holdings, Inc.
    Investor Relations
    407-389-5900