PHOENIX, AZ -- (Marketwire) -- 06/07/11 -- On May 10, 2011, For The Earth Corporation (PINKSHEETS: FTEC) entered into an asset purchase agreement with Kat Box King, Inc. to purchase substantially all of the assets of Kat Box King relating to Kat Box King's business of developing, manufacturing and distributing cat care products for pet owners' convenience. Kat Box King's products include Litter to Go, a disposable cat litter box that contains ready to use cat litter.
'We believe that Kat Box King's established presence at mass retailers like Walmart, coupled with their patented litter box design, may enable us to develop new profit generating avenues for our company,' stated Nelson Grist, President and CEO of For The Earth Corporation.
The purchase price for the assets is $500,000 in shares of For The Earth's common stock. The number of shares of common stock issuable at closing would equal the quotient obtained by dividing $500,000 by the per share Buyer Stock FMV. For purposes of the asset purchase agreement, the Buyer Stock FMV is defined as the average VWAP for each share of For The Earth's common stock for the 20 trading days immediately prior to the closing date.
The closing of the acquisition is subject to the fulfillment of certain closing conditions by the parties.
According to Pet Product News, retail sales for the pet industry totaled $54 billion in 2009 -- and sales continue to grow. This growth trend fits perfectly with For The Earth Corporation's vision and focus on producing products with a purpose. Litter to Go is packaged in a fully recyclable corrugated box and the cat litter is a natural mined product. With the box being disposable, For The Earth believes that an added benefit of this product is easier, healthier litter box maintenance. For The Earth believes that acquiring Kat Box King's assets would help it fill out an array of pet products that it believes are both environmentally friendly and useful.
About For The Earth Corporation
Headquartered in Phoenix, Arizona, For The Earth Corporation is focused on offering a diverse range of environmentally friendly, 100% non-toxic, and biodegradable products, including What Odor?, What Stain?®, What Dirt?®, What Wound?®, What Pimple?®, and PaPurr. For more information, visit www.fortheearthcorp.com.
About Kat Box King
Kat Box King was established with the purpose to develop products that make owning and caring for cats easy and efficient.
Forward Looking Statements
Except for historical information contained herein, the matters set forth in this document are forward-looking statements about expected future events that involve risks and uncertainties. These uncertainties may cause For The Earth's actual future results to be materially different from those discussed in the forward-looking statements.
For The Earth's forward looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. All forward-looking statements speak only as of the date hereof and are based upon the information available to For The Earth at this time. Such statements are subject to change, and For The Earth does not undertake to update such statements, except to the extent required under applicable law and regulation.