SearchHelp Announces Acquisition of Interest in Mold Compound
12 February 2004 - 2:39AM
PR Newswire (US)
SearchHelp Announces Acquisition of Interest in Mold Compound
BETHPAGE, N.Y., Feb. 11 /PRNewswire-FirstCall/ -- SearchHelp, Inc.
(BULLETIN BOARD: SHLP, SHLPW, SHLPZ) , a company involved in the
development of family safety products, announced todaythat it has
acquired from Environmental Commercial Technology Corp. a royalty
interest in a compound intended to remediate and prevent the growth
of mold and fungus in both residential and commercial environments.
This product, called HTPA, is a proprietary and highly effective
formulation that has been developed for worldwide application.
SearchHelp's interest is limited to the United States and to
applications to treat mold and fungus. In consideration for this
royalty interest, SearchHelp has paid cash, agreed to make certain
deferred payments and has issued restricted warrants and shares of
common stock. SearchHelp has also agreed to cause the registration
of the share consideration in 2004. This acquisition is the first
activity of SearchHelp's indoor air quality initiative. Prior to
its acquisition, SearchHelp evaluated the results of an efficacy
study of the product conducted by a Director of Clinical
Microbiology and Diagnostic Immunology at a major U.S. University
hospital research center. In addition, SearchHelp had another
leading microbiologist and noted expert in the field of Indoor Air
Quality evaluate this same study, as well as requested a test more
specific to certain building material. The studies concluded that
the HTPAcompound showed success in not only killing harmful mold
and fungi, but also in preventing their growth. "These independent
evaluations support our belief that the compound shows great
promise for not only existing mold problems, but also in helping to
prevent future mold growth," said Bill Bozsnyak, CEO of SearchHelp,
Inc. "The preventative and environmentally safe nature of HTPA
makes the building manufacturers and the real estate industry
potentially a strong customer base for this product. Moldand fungi,
including other indoor air pollutants, have become enormous
problems and according to the EPA(1), sick buildings cause an
estimated loss totaling in the tens of billions of dollars each
year in employee absenteeism, medical costs, reduced productivity
and lower earnings," continued Bozsnyak. (1) "Targeting Indoor Air
Pollution: EPA's Approach and Progress" EPA Document #
400-R-92-012, March 1993 About SearchHelp, Inc: SearchHelp, Inc. is
an organization focused on utilizing new and emerging technology to
promote products and services oriented toward improving family and
home safety, through its Family Safe and Indoor Air Quality
Services subsidiaries. About Environmental Commercial Technology
Corp: ECT is a company focused on solving environmental issues and
concerns through the development and introduction of products and
applications for industry, business and consumers. For More
Information, contact SearchHelp Investor Relations: 516 922 4765
Statements in this press release or in other SearchHelp
communications may relate to future events or SearchHelp's future
performance. Such statements are forward-looking statements and are
based on present information SearchHelp has related to its existing
business circumstances. Investors are cautioned that such
forward-looking statements are subject to inherent risks and that
actual results may differ materially from such forward-looking
statements. In particular, the compound may not achieve commercial
acceptance, our business partners may not perform as expected, the
compound may not be adopted rapidly by the construction industry
and SearchHelp's expectations about the market readiness may not be
justified. Further, investors are cautioned that SearchHelp does
not assume any obligation to update forward-looking statements
based on unanticipated events or changed expectations. DATASOURCE:
SearchHelp CONTACT: SearchHelp Investor Relations, +1-516-922-4765
Web site: http://www.searchhelp.com/
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