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BEVsystems International, Inc.
501 Brickell Key Drive
Miami, Florida 33131
BASIC INFORMATION
COMPANY HISTORY
Company History
BEVsystems International, Ltd. was formed in March 2001 to acquire the beverage assets and further develop the oxygenated beverage business of Life International Products, Inc. and Life O2 Beverages, LLP (“Life International”). The Asset Purchase was completed on July 13, 2001. The assets acquired included an exclusive, perpetual, royalty-free license to its domestic and foreign patents for the production of super oxygenated water in the field of use of human consumables, ownership of the Life O2 and OXYLOC trademarks, all of the oxygenating equipment, and inventories installed at various locations worldwide, as well as contracts with 10 bottlers and 13 distributors covering water production and distribution to 18 countries in North and South America, Asia, and Europe. Prior to the acquisition, our products had already been successfully introduced in a wide variety of International markets and two test markets in the United States, covering parts of Colorado and Hawaii.
On February 25, 2002 we finalized an agreement for the purchase and sale of stock with Aqua Clara Bottling & Distribution, Inc., a Colorado corporation. The agreement was structured as a reverse acquisition and provided for Aqua Clara to purchase all of the shares held by BEVsystems International, Ltd. shareholders who then became the controlling shareholders of Aqua Clara. After the acquisition, Aqua Clara was renamed BEVsystems International, Inc., and BEVsystems’ Chairman and CEO, G. Robert Tatum, III, became the new Chairman and CEO. The Aqua Clara acquisition gave BEVsystems control of a bottling facility here in the United States, which has allowed us to launch Life O2 domestically in a cost-effective manner. From a legal perspective, Aqua Clara was the surviving company and thus continues its public company reporting obligations. Therefore, BEVsystems is currently traded on the NASDAQ bulletin board under the symbol OTCBB: BEVI. From an accounting perspective, however, BEVsystems acquired Aqua Clara, thus all financial information reported to the SEC is presented using generally accepted accounting principles for purchase accounting, and includes BEVsystems results from the period April 1, 2001 to March 30, 2002 and Aqua Clara’s results from the period February 25, 2002 to March 30, 2002. Therefore, financial information submitted to the SEC for the old Aqua Clara prior to the Company’s most recent form 10K, submitted on July 12, 2002, is not directly comparable to the current company.
COMPANY BUSINESS SUMMARY
BEVsystems International, Inc. (“BEVsystems”) produces and markets bottled water infused with dissolved oxygen in concentrations up to approximately 15 times greater than that found in ordinary bottled water. Our core product, trademarked as Life O2, combines water and oxygen, the two essential requirements for human life. Our products and manufacturing processes are protected under seven U.S. and eighteen International patents, and are marketed under various registered trademarks. We believe that consumption of oxygen-enriched water can be shown to improve performance and well being. In a variety of studies, athletes that consumed Life O2 bottled water were shown to measurably improve their performance. We own our own bottling plant in Clearwater, Florida. The Life O2 product was introduced in the South Florida market last winter. Over 50,000 cases have been sold to date. Distribution is now in place throughout all of Florida and New York and New Jersey. Major accounts include Walgreens Drugs and Whole Food Stores. Health clubs, spas and fitness centers are a strong vertical market for the performance product. Our purified water has recently been approved by the State of Florida as the ‘Official Water’ of Florida and is being promoted through the State’s tourism board, Visit Florida, branded as FLA USA.
TOP OFFICERS
Name
|
Title
|
Fiscal Year Pay
|
Biography
|
E. Douglas Cifers | Director | $60,000 | View Biography |
G. Robert Tatum | Chairman &CEO | $125,000 | View Biography |
James D. Davidson | Director | $60,000 | View Biography |
COMPANY NEWS
SHARE RELATED INFORMATION
52 Week High: | $1.80 | Total Shares Outstanding: | 12,681,110 |
52 Week Low: | $.02 | Public Float: | 448,993 |
All time High: | $4.00 | Earnings Per Share: | N/A |
All time Low: | $.01 | Book Value: | $6,974,610 |
FUNDAMENTAL INVESTMENT HIGHLIGHTS
INSIDER ACTIVITY
In January of 2003 directors Cifers and Tatum converted $1,043,000 of Company debt including mortgages, accrued salaries, expenses and notes, into 9,722,221 shares of restricted common stock. The stock was then pledged as collateral for a stock loan. The directors have agreed to invest a portion of the proceeds into the company through a rights offering with current shareholders.
FINANCIAL SNAPSHOT
All numbers in Thousands |
Fiscal Yr
Ends 3/2002 |
Prior Fiscal Yr
Ends 3/2001 |
Recent Quarter
Ends 12/2002 |
Revenues | $ 1,379,384 | N/A | $ 566,444 |
Pre-Tax Earnings (Losses) | $ (4,585,208) | $ (6,507,534) | |
Total Cash | $ 8,296 | ||
Total Assets | $ 20,315,324 | $ 8,457,847 | |
Total Liabilities | $ 5,240,416 | $ 5,347,312 | |
Shareholders Equity | $ 15,074,908 | $ 3,110,535 | |