Nextpath Technologies Acquires Essentia Water, Inc.

Jan. 17, 2000
HILLSBOROUGH, N.C., Jan. 24 -- NextPath Technologies, Inc. announced that it has acquired Essentia Water, Inc., a Woodinville, Washington premium water bottling company. "With their experienced management team and great bottled water products, Essentia is a tremendous addition to NextPath's 'Green Group,'" stated Jim Ladd, President of NextPath, a development stage holding company that invests in rapidly expanding technology market sectors.According to Kenneth Uptain, who will remain CEO of Essentia, "All of us at Essentia are excited to become part of the NextPath family. We look forward to furthering our vision to make Essentia an international brand under the NextPath umbrella."The merger consideration paid by NextPath consisted of $8,000,000 worth of NextPath restricted common stock with piggy-back registration rights (612,225 shares), including 26,435 shares of NextPath stock that are being set aside for vested stock options that are being assumed by NextPath.Essentia is engaged in the business of developing, manufacturing, packaging, and marketing bottled alkaline and electrolyte enhanced premium water products with health and hydration benefits. Essentia water is initially pre-filtered and purified using reverse osmosis and ozonation to achieve 99.9% purity.NextPath is a development stage holding company that has acquisitions, joint ventures and other strategic alliances pending which it believes will allow it and its subsidiaries to become significant participants in a number of rapidly expanding technology market sectors, and which it believes will result in increases in revenues and profitability.SOURCE: NextPath Technologies, Inc.

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