Bio-Clean International, Inc. Remains in Negotiations to Sell Subsidiary
October 26 2009 - 3:23PM
Business Wire
Bio-Clean International, Inc. (Pink Sheets: BCLE)
(www.bio-cleanintl.com) announced today that it remains in ongoing
negotiations with Bio-Clean, Inc. (OTCBB: BOCL) regarding certain
of the economic terms of the potential transaction that the company
announced on Friday, October 23, 2009. That potential transaction
would result from the announced non-binding Letter of Intent, in
which the company disclosed its intention to sell its subsidiary,
American Bio-Tech Cleaning, Inc., to BOCL. BOCL is not otherwise
affiliated with the company, but sells the company’s cleaning
products under a distribution agreement. Further, the company
cannot confirm that the 14M share figure disclosed by BOCL in its
press release of today is accurate and has so advised BOCL.
About Bio-Clean International,
Inc.
Bio-Clean International, Inc. recognizes the problems facing our
environment. Our exclusive, non-toxic, bio-remediation fluids
provide an environmentally-safe solution. Our exclusive products
and machines have been tested and shown to be in complete
compliance with environment regulations, in other words,
“Cleantech”.
Our majority-owned subsidiary, American Bio-Tech Cleaning, Inc.
(ABT), designs and manufactures customized parts and weapons
washing/cleaning systems that are eco-friendly, using a water-based
cleaning fluid integrated with a self-contained bio-remediation
process. We also own a minority interest in American Bio-Clean
Corporation (ABC) which markets and distributes our cleaning fluids
and parts/weapons cleaning machines. ABC is a Service-Disabled
Veteran-Owned Business (SDVOB) that is certified and meets the
Federal-mandated 3% minority spending requirements. Similar
mandated spending requirements adopted by most states vary from 3%
to 20%. Additionally, many private sector companies have targeted
goals for suppliers.
We also maintain a minority interest in Veterans Training
Corporation (VTC) which is also a SDVOB business based in Southern
California and provides a wide range of training programs for a
variety of clients including the U.S. Department of Defense. In
addition, VTC provides training programs for the private sector
such as its OSHA safety-training programs for the construction
industry.
For more information about Bio-Clean International, Inc. please
visit our website, http://www.biocleaninternational.com.
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