HIRU CORPORATION - Acquisition of Salome Water and Ice

Rhea-AI Summary

Hiru Corporation (OTC PINK:HIRU) has successfully acquired Salome Water and Ice, a provider of ice manufacturing and water purification services in Arizona, as of July 14, 2021. The acquisition involved an exchange of 25,000,000 restricted shares for all outstanding equity of Salome. The latter reported revenue of over $600,000 in the last fiscal year and is the only ice facility within a 75-mile radius. Hiru aims to expand in the high-growth consumer bottled water and ice market in the Southwest.

The company has also reduced its authorized shares to two billion and committed to not conducting a reverse stock split for three years.

Positive

• Acquisition of Salome Water and Ice enhances market position in the consumer bottled water and ice industry.
• Salome Water and Ice reported over $600,000 in revenue last fiscal year, indicating a robust business model.
• Facility is the only ice and water provider within a 75-mile radius, ensuring a steady client base.

Negative

• None.

PHOENIX, AZ / ACCESSWIRE / July 16, 2021 / Hiru Corporation (OTC PINK:HIRU), a Georgia corporation ("HIRU" or the "Company"), has completed the acquisition of Salome Water and Ice, LLC, a Nevada limited liability company ("Salome Water and Ice"), which owns and operates a full-service ice manufacturing and water purification facility located in Salome, Arizona which has been in production since 2006.

The Company acquired Salome Water and Ice pursuant to an equity exchange agreement executed on Wednesday, July 14, 2021 ("Agreement"). Pursuant to this Agreement, the Company acquired all outstanding equity of Salome Water and Ice, making it a wholly owned subsidiary, in exchange for 25,000,000 shares of Common Stock (Restricted) of the Company.

Ms. Kathryn Gavin (President and CEO the Company), states…" We are pleased to announce that we have closed our second acquisition, Salome Water and Ice. While it is not as large a facility as AZ Custom Bottled Water, it is a good example of the type of facility we are looking to acquire as part of our industry roll up plan in the State of Arizona and the Southwest. It has been in operation for 15 years, has a steady local and business client base, and did over $600,000 USD in revenues the last fiscal year. Salome Water and Ice is the only pure water and ice facility within 75 miles of its location and also serves seasonal harvest in its immediate vicinity. Again, it met our simple acquisition criteria: seasoned operations, cash flow positive financials, and in a high growth industry- consumer bottled water and ice market in the Southwest United States."

Salome Water and Ice is an ice manufacturing and water purification business. The main operational building, which also houses 24-hour water and ice vending machines, is located on 3 land parcels in the heart of Salome, Arizona (Western Arizona). The building site also includes living quarters for the on-site management team. The internal operations include two (2) 10-ton ice machines and a state-of-the-art commercial water purification system. They also operate several refrigerated trucks to supply ice to over sixty merchandisers in the area of Salome.

Ms. Gavin further stated…" I would like to follow up and inform the investing public that we amended our articles of incorporation with the State of Georgia today lowering our authorized capital shares to two billion (from five billion) as previously announced. In passing, I would also like to make a commitment to our shareholders that the Company will not conduct a reverse split of its common stock for a period of three years or at such time we break annual revenues of $20,000,000 USD and are required to do so as part of a planned Uplist to a National Market Exchange. We are trying to be proactive and make smart, strategic decisions that are focused on maximizing shareholder value in the long term."

Disclaimer Regarding Forward Looking Statements

Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions.  In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.  Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.  We caution investors not to rely unduly on any forward-looking statements.

ABOUT US

Hiru Corp. is a Georgia corporation, is a public quoted Pink Sheet issuer under the ticker symbol 'HIRU' (the "Company"). The Company reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (e.g., Pink Sheet Current). Currently, the Company has two wholly owned, operational subsidiaries, AZ Custom Bottled Water, Inc., a Nevada corporation, which owns and operates a commercial water bottling and labeling facility based in Phoenix, Arizona and Salome Water and Ice, LLC, a Nevada limited liability company, which owns an ice manufacturing and water purification business in Salome, Arizona.

CONTACT:
3331 North 35^th Avenue
Phoenix, Arizona 95107
Web Site: www.waterandiceshop.com
Twitter: https://twitter.com/hirucorp
Phone: 928-408-4486
Email: info@waterandiceshop.com

Contact: Kathryn Gavin, CEO

SOURCE: Hiru Corp.

View source version on accesswire.com:
https://www.accesswire.com/655769/HIRU-CORPORATION--Acquisition-of-Salome-Water-and-Ice

FAQ

What acquisition did Hiru Corporation complete recently?

Hiru Corporation acquired Salome Water and Ice, a water purification and ice manufacturing facility, on July 14, 2021.

What was the transaction value of Hiru's acquisition of Salome Water and Ice?

The acquisition was made in exchange for 25,000,000 shares of restricted common stock.

What are the expected benefits of acquiring Salome Water and Ice for Hiru?

The acquisition is expected to enhance Hiru's market presence in the high-growth consumer bottled water and ice market in the Southwest.

How much revenue did Salome Water and Ice generate last year?

Salome Water and Ice generated over $600,000 in revenue in the last fiscal year.

What changes has Hiru Corporation made regarding its authorized shares?

Hiru Corporation has amended its articles of incorporation to lower its authorized shares from five billion to two billion.