Reflect Scientific completes
Feb 19, 2010 11:11 AM
Reflect Scientific Inc has completed an internal corporate reorganization. After several successful acquisitions, Reflect Scientific met key milestones in 2009 that focus on increasing shareholder value.
Facility overhead and labor costs were reduced by relocating Cryometrix product lines to the Bozeman MT facility, saving about $1 million per year. All Temp Engineering, an unprofitable service segment, ceased operations and assets were sold off.
Divesting unprofitable assets has allowed Reflect to focus on its promising liquid nitrogen cooling technology. This patented zero-emission technology, used in refrigerated commercial transport trucks, low-temperature freezers, and server room cooling, addresses a $28 billion market.
Universal Container was added as a distribution outlet for the CB-40 trailer refrigeration system, expanding Reflect’s market reach. Discussions are in progress with customers that are embracing the green nature of this technology and the cost savings it can provide.
Reflect is seeking a resolution to its outstanding debt and is finishing an agreement that will benefit both parties.
Management has been in negotiations with two new merger/acquisition targets that could drive shareholder value. Target acquisition/merger candidate one is a “green” patented technology with operations in several locations in the United States and international interest. Target acquisition/merger candidate two is a mature logistical company with interest in several of Reflect’s existing technologies and products.
Kim Boyce, chief executive officer, said, “We are excited to have completed our internal reorganization. When we completed our acquisitions, we found value in each of their operations. However, we always felt the real benefit of each of the acquisitions could only be realized when they were combined. The synergies of all the companies together far outweigh their individual attributes. By making the changes described above, we look forward to 2010 as a very solid year of growth efficiency gains for our company and all of our employees and shareholders.”
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