SAN DIEGO - Transfer Technology International (TTI), an emerging technology transfer company, announced the signing of a Letter of Intent last week through its wholly owned subsidiary, Organic Products International, to purchase the San Diego-based corporations of Xtermite, and XT-2000, pending final negotiations.
Details of the terms and conditions specific to these acquisitions are not being disclosed at this time. Xtermite, Inc. is a registered pest control company in the state of California that has serviced more than 15,000 homes in the San Diego area over the past 11 years utilizing eco-friendly orange treatments for dry-wood termite eradication. XT-2000 is the manufacturer of XT-2000 Orange Oil Plus, a product used to treat drywood termites.
Chris Trina, Chairman and CEO of TTI, said, "We are very excited to have this LOI in place and look forward to completing negotiations with the selling parties in the form of a definitive agreement by late December. I truly believe this represents the best approach to achieve our sales and profit goals for 2010, and that it will increase both visibility and credibility on Wall Street to further enhance shareholder value."
"The combined strength and growth potential of Xtermite and XT-2000 makes this an extremely attractive acquisition," stated George Merrell, Chief Operating Officer for Transfer Technology International and President of Organic Products International. "I very much look forward to relocating to San Diego post closing and working in a hands-on capacity as the new general manager of operations for both companies and assisting the Xtermite Team hit its full potential in Southern California and further expanding distribution of XT-2000 Orange Oil on both a national and international stage along with our other organic product lines. I have been involved in several mergers and acquisitions during my career and this union with these two sister companies makes solid business sense."
Michael and Anna Folkins, co-owners of both XT-2000 and Xtermite state, "We are both extremely excited at the prospects of this proposed acquisition being finalized. We believe that OPI is the perfect fit at the perfect time to take both of our companies to a completely higher level and to reach their full potential in a much shorter period of time. It also reinforces our vision of being a leader in Integrated Pest Management (IPM) by providing eco-friendly and 'green' solutions to both consumers and pest control operators around the world."