eFoodSafety.com, Inc. completes sale of Ozone Safe Food, Inc.
The sale is expected to eliminate over $100,000 in monthly operating expenses while providing potentially substantial royalty payments through 2008.
25/08/05 Patricia Ross-Gruden, President and Chief Executive Officer, announced that eFoodSafety.com, Inc. has completed the sale of the company's Ozone Safe Food, Inc. subsidiary.
The terms of the sale call for the elimination of $300,000 of the company's debt and receipt of royalty payments on equipment sales up to $60 million through December 31, 2008. The subsidiary provides a proprietary technology that cleans and sanitizes equipment and other hard surfaces to reduce pathogens and provide longer shelf life to produce and meats.
Mrs. Ross-Gruden stated that the sale is expected to eliminate over $100,000 in monthly operating expenses while providing potentially substantial royalty payments through 2008. She also expects that the sale will relieve the company of any pressure to raise additional capital since the Knock-Out Technologies, Ltd. subsidiary, and the recently announced proposed acquisition of MedElite, Inc., when completed, would be funded through mid-2006.
