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American Leak Detection News Releases
UK Transaction Signals Growth Opportunities for American Leak Detection
Innovative Company Poised to Expand and Enhance Brand
Palm Springs, California (August 6, 2010) - American Leak Detection (ALD), a leader in the accurate, non-invasive detection of water and other leaks, is positioned to accelerate expansion efforts - and enhance its brand and technology - with the completion of a transaction between its parent, American Leak Detection Holding Corporation (ALDHC), and UK-based Qonnectis plc.
Through a reverse merger and a coinciding capital infusion, , Qonnectis acquired 91.57% of ALDHC. The entity has been renamed Water Intelligence plc and is traded on the AIM Market of the London Stock Exchange under the ticker symbol ‘WATR.’
American Leak Detection will continue to exist as a separate corporation and operate under its existing brand.
“We are excited about this strategic opportunity,” says Stan Berenbaum, CEO of American Leak Detection and Chief Executive of Water Intelligence. “We intend to maximize ALD’s franchise and corporate-run opportunities, drive product innovation and quickly establish a UK operation.”
Founded in 2000, Qonnectis sells metering products. It also provides a managed service to water and energy utilities that allows for remote and automated meter reading, data storage and analysis.
More information about Water Intelligence plc can be found at www.waterintelligence.co.uk.
For more information, contact American Leak Detection at (800) 755-6697 or visit www.americanleakdetection.com.
About American Leak Detection
Founded in 1974 and headquartered in Palm Springs, California, ALD is a leader in the accurate, non-destructive detection of hidden water, sewer and other types of leaks. For the past nine years, ALD has been ranked #1 in Entrepreneur® magazine’s “Maintenance Products and Services” franchise sector. In February 2008, The Wall Street Journal named ALD to its list of the top 25 high-performing franchises. ALD is dedicated to water conservation, resource protection and the providing of eco-friendly services.
