Organic direction approved for AQL

AQL shareholders today approved the company's purchase of Thames-based Organic Interceptor Products for $5.15 million in cash and shares.

The purchase is conditional on Aquaria holding at least $2 million cash, which will be satisfied by issuing 400 million ordinary shares by private placement at 1.1 cents each.

The shares are expected to be issued with two weeks to allow for final settlement of the acquisition.

Certified Organics will produce organic products agriculture, home and industry, and in particular an organic weed controller.

Aquaria says the company it is purchasing already has significant overseas interest in its products, which in addition to the weed controller include an organic weed control mat, organic cleaners and a developing range of hygiene products.

CEO-designate, biochemist Dr Earl Stevens, says now the company has shareholder approval it can move ahead with plans to grow the business.

"We've already had advanced discussions with three distributors in New Zealand, two in Australia, and others in South Africa and the Netherlands," says Dr Stevens.

"We are planning to introduce a new range of Certified Organic home and garden products in New Zealand within the next couple of months."

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