Switching to Water
Allied Biotechnology International Inc. is discontinuing its line of medical and personal care products in order to produce and market water for agricultural and potable uses.
Allied said Monday it acquired property with water rights in Monterey County valued at $4 million with a mortgage loan of $3.2 million on the property. Allied said it is issuing 10 million shares of common stock to Holdfast Holdings Ltd., the owner of the property.
Allied Biotechnology said it intends to market the property’s water to surrounding farms, supply bottling facilities and create a distribution network.
In addition, the company said its board voted to divest the medical product lines and the personal hair care product line for the return of up to 5 million common shares formerly used to secure these product lines.
The financial effect of the divestiture was not disclosed.
The company also announced that E.G. Marchi has been named chief executive officer, succeeding Henry J. Smith, who resigned last week.
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