Cyrus Industries, Global Water Technology Inc. merger complete
New Cyrus subsidiary now known as Avant Acquisition Inc. Company will focus on exploitation of Avant's Water Sentinel System, which monitors and gathers water data for chlorine, pH, turbidity, water temperature, ambient air temperature and water flow rate on small to mid-sized commercial water sites...
TORONTO, Canada, Aug. 15, 2005 (BUSINESS WIRE) -- Cyrus Industries Inc. has completed the merger of Global Water Technology Inc. d/b/a Avant into Avant Acquisition Inc., a wholly owned subsidiary of Cyrus. Pursuant to the terms of the merger, Avant merged into the wholly owned subsidiary of Cyrus and in exchange the shareholders of Avant, were issued shares of Cyrus' Common Stock that approximate 60% of the outstanding shares of Cyrus calculated on a fully diluted basis. In addition, James Charlton, former Avant president and board chairman, has assumed the position of CEO and board chairman of Cyrus.
"This is a very exciting time for Cyrus. With the consummation of the merger, we are now positioned to bring the Avant technology base to market," said James Charlton, Chief Executive Officer of Cyrus.
As a result of the consummation of the merger, Cyrus Industries will focus on the exploitation of Avant's Water Sentinel System (WSS). The WSS will monitor and gather water data for Chlorine, pH, turbidity, water temperature, ambient air temperature and water flow rate on small to mid-sized commercial water sites. The system has up to 10 analog inputs and 8 digital inputs/outputs. The system will collect and store data to use for a year end report. The WSS will report out-of-limit measurements directly to a centralized server that in turn would notify a technician on call. The WSS is highly configurable and programmable which will allow adaptation to practically any process.
Cyrus management will seek to target its Water Sentinel in connection with the Water Sentinel Initiative (Homeland Security Presidential Directive 7, that is being planned in conjunction with the EPA) as well as the Land Leased Association of Canada which is mandated for immediate implementation by Ontario Law ON170-03.