Share
JWI
22/08/2013 13:05
ASSET
REL: 1305 HRS Just Water International Limited
ASSET: JWI: Acquisition of Business
22 August 2013
Just Water International Limited - Purchase of Business
The directors of Just Water International Limited advise that the company's
wholly owned subsidiary, Clearwater Filter Systems (Aust) Pty Ltd, has signed
an unconditional agreement to acquire the rental contracts and associated
assets of Brisbane based Aquaman Australia for Australian dollars $330,000
plus surplus rental assets and inventory to a value not exceeding Australian
dollars $50,000. The final consideration is subject to a pro-rata income
recognition adjustment to be calculated on settlement date.
Settlement is payable in cash no later than 30th September 2013.
The business has operated in Brisbane and the surrounding regions for
approximately 20 years under the same ownership and has strong synergies in
terms of rental customer base, sales and servicing with Clearwater Filter
Systems (Aust) Pty Ltd.
For and on behalf of the directors.
Tony Falkenstein
Director
021 950 856
Just Water International Limited operates in New Zealand and Australia
supplying water-coolers, drinking water and filters for the home and office.
The Company was listed on the New Zealand Stock Exchange (Alternative Market)
in 2004.
The New Zealand business was started in 1989, and has grown to a base of over
35,000 recurring contracts, the Company deriving a recurring income either
from monthly rental, water sales or maintenance agreements.
The Australian business arose through the acquisition of Clearwater Filter
Systems (Aust) Pty Limited in 2005 to take advantage of the growth of
point-of-use water-coolers in Australia. Clearwater has its Head Office in
Sydney, with branch offices in Brisbane and Melbourne.
End CA:00240049 For:JWI Type:ASSET Time:2013-08-22 13:05:25
