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Company enters into a letter of intent to buy Indian Hills Spring Water LLC
Stakool Inc. entered into a letter of intent (LOI) to buy Indian Hills Spring Water LLC, of Murphy, N.C. The source is a "natural free-flowing spring" in the mountains of North Carolina and is gravity fed to the bottling facility. It is 100% drinkable without any filtration thus providing the perfect "raw water."
"I believe that water management is a key strategic tool where companies are starting to gather the kind of information that lets them measure not just their water use and costs but also their water efficiency, productivity, revenue and profit," said Kevin P. Quirk, CEO of Stakool. "Every gallon of water we use has an economic value, whether it's for drinking, brewing coffee or making a microchip. Businesses that start to take the economic value of water seriously immediately start to use it and think about it differently. Indian Hills understands this and we look forward to a quick closing, as this is the first step in a broader, more encompassing strategy."
Other assets include 23 acres of property, plant, trucks, dispensing equipment, bottles and customer lists that will make a huge impact on the Stakool balance sheet, as well as bolster its profit and loss statement. This acquisition is also the first step of many toward Stakool's ultimate strategy of becoming a significant player in health and wellness technologies and consumables.