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Planet Technologies and Allergy Control Products Announce Merger
SAN DIEGO and RIDGEFIELD, Conn., March 9 /PRNewswire-FirstCall/ -- Planet
Technologies, Inc. (OTC:PLNT) (BULLETIN BOARD: PLNT) ("Planet"), today
announced that it entered into a definitive agreement to acquire Allergy
Control Products, Inc. ("ACP"). The combination of Planet's Allergy Free
business with Allergy Control will create one of the leading marketers of
allergy avoidance products.
The newly combined Planet will distribute and sell a full range of physician
recommended allergy avoidance products including home air filters and room air
cleaners marketed under the Allergy-Free(R) trade name, bedding and encasings
marketed under the Allergy Control(R) trade name and a broad array of
additional branded allergy and asthma products. Combined annual sales for 2004
exceeded U.S. $8,000,000.
Scott L. Glenn, chairman and chief executive officer of Planet, stated, "We are
excited to welcome Allergy Control Products into the Planet family. In addition
to potential cost savings from consolidating operations, Allergy Free and ACP
have distinctive product lines and complementary types of customers which
should provide fertile ground for new marketing initiatives aimed at profitable
revenue growth."
Edward J. Steube, chief executive officer of Allergy Control Products, added,
"The combination of our respective strengths and capabilities will be
formidable. Together, Planet and Allergy Control Products will have the scale
and breadth of product line necessary to compete more effectively in today's
allergy avoidance products market."
Added Mr. Glenn, "The Allergy Control transaction represents an important next
step in the execution of Planet's corporate strategy of aggressively pursuing
the acquisition and consolidation of companies with proprietary products and a
focus on the allergist and the allergy sufferer."
The directors and officers of Planet after the merger shall be the same except
for the addition of Mr. Steube as President of the ACP subsidiary and as a
director of Planet. The company will maintain executive offices in San Diego,
California and Ridgefield, Connecticut.
The merger transaction will be structured pursuant to an Agreement and Plan of
Merger agreed upon by both parties, and is subject to approval by each party's
respective shareholders and other contingencies. Pursuant to the terms of the
merger transaction the shareholder of ACP will be issued 600,000 shares of
Planet common stock. In addition, ACP debt to its shareholder in the
approximate amount of U.S. $1,500,000 will be paid in full by Planet.
This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends that such
statements shall be protected by the safe harbors provided for in such
sections. Such statements are subject to risks and uncertainties that could
cause the Company's actual results to vary materially from those projected in
such forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to those discussed in the section
entitled "Risk Factors," and in "Item 6 - Management's Discussion and Analysis
of Financial Condition and Results of Operations" in the Company's latest Form
10-KSB and in the section entitled "Risk Factors" in the Company's latest
Definitive Proxy Statement filed with the S.E.C.
About Planet Technologies, Inc.
Planet Technologies, Inc. (OTC:PLNT) (BULLETIN BOARD: PLNT) is focused on
providing quality care products for allergy sufferers. On November 30, 2004,
Planet acquired the business of Allergy Free, LLC, and is now engaged in the
business of manufacturing, selling, and distributing products for use by
allergy sensitive persons. Allergy-Free(R) products, including the
Aller-Pure(R) line of home air filters, have been sold to over half a million
customers, dating back to 1985. Planet Technologies is committed to Improving
Life Indoors(TM). Additional information can be found at
http://www.planettechinc.com/.
About Allergy Control Products, Inc.
Allergy Control Products offers a full line of physician-recommended allergen
avoidance products for allergy relief. In 1983, Allergy Control Products
introduced the first pillow and mattress encasings with an allergen-impermeable
barrier to block dust mite allergen while allowing vapor permeability for
enhanced comfort. Today, ACP is a recognized worldwide leader in the
allergen-avoidance field. ACP's mission is to build upon this valued
leadership position by bringing the highest quality allergen avoidance
solutions to an increasing number of allergy sufferers. ACP can be visited
online at http://www.allergycontrol.com/.
DATASOURCE: Planet Technologies, Inc.
CONTACT: Scott L. Glenn, President & CEO, +1-858-456-2252, or Bret E.
Megargel, Vice President, Marketing, +1-858-457-4742 ext. 1167, both of Planet
Technologies, Inc.
Web site: http://www.planettechinc.com/
Web site: http://www.allergycontrol.com/