Swisher Hygiene Enters Into Long-Term Distribution Agreement With Cheney Bros., Inc.
CHARLOTTE, N.C., -- Swisher Hygiene Inc. ("Swisher Hygiene") (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has entered into a long-term distribution agreement with food service distributor Cheney Bros., Inc. ("Cheney Bros.") whereby Swisher Hygiene will become Cheney Bros.'' provider of warewashing and laundry-related chemicals and Swisher Hygiene will utilize Cheney Bros. as a distribution partner in Florida and Georgia. As part of the agreement, Swisher Hygiene also purchased from Cheney Bros. certain assets relating to Cheney Bros.'' warewashing and laundry business.
Founded in 1925, Cheney Bros. has grown to be the largest independent food service distributor in Florida, and the eleventh-largest food service distributor in the U.S. Today, Cheney Bros. inventories over 15,000 items and has over 9,500 active customers.
"We are excited to be partnering with a leading company such as Cheney Bros. as we build upon our recent growth in the Southeast to further expand our presence," said Wayne Huizenga, Chairman of Swisher Hygiene. "As a result of these agreements, Swisher Hygiene will be adding to Cheney Bros.'' extremely knowledgeable warewash and laundry staff, as well as certain assets, which we believe will only strengthen our partnership going forward. This reaffirms Swisher Hygiene''s commitment to providing service chemical programs with the strongest regional and local distributors throughout North America."
"Partnering with Swisher Hygiene to provide our chemical program will enable us to significantly expand our core distribution business," said Byron Russell, Chairman and CEO of Cheney Bros. "The agreement will provide Cheney''s customers with a partner that can service them on a national basis, as well as provide a broader range of products, including green chemicals. In addition, we are very proud of the work our warewash and laundry team accomplished, and we are sure they will continue at Swisher Hygiene to perform at the highest capabilities. We wish them the best of luck going forward."
In connection with the agreements, Swisher Hygiene paid to Cheney Bros. consideration including the assumption of certain liabilities relating to the purchased assets and the issuance of two convertible promissory notes, which may be converted into a maximum of 291,928 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance for listing by the Toronto Stock Exchange.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. Forward-looking statements include, but are not limited to, possible events and statements with respect to possible events. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as the assumption that Swisher Hygiene''s distribution relationship with Cheney Bros. will be successful. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third‐party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene''s registration statement on Form 10 filed with the Securities and Exchange Commission, the "Risk Factors" section of the most recently filed management information circular of CoolBrands International Inc. dated September 24, 2010 and Swisher Hygiene''s other filings with Canadian securities regulators which are available on Swisher Hygiene''s SEDAR profile at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Swisher Hygiene.
The forward-looking information set forth in this news release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.
Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc., formerly known as "CoolBrands International Inc.", is a TSX-listed company that provides hygiene solutions to customers throughout much of North America and internationally through its global network of 67 company-owned operations, 12 franchises and 10 master licensees covering the United Kingdom, Ireland, Portugal, the Netherlands, Singapore, the Philippines, Taiwan, Korea, Hong Kong/Macau/China, and Mexico. These solutions include products and services that are designed to promote superior cleanliness and sanitation in commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene serves customers in a wide range of end-markets, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries across North America.