OPHI Acquires Kenactiv, Changes Name To Kenactiv Innovations
Under a Share Exchange Agreement, Kenactiv has issued 50 million shares of its common stock to OPHI, and OPHI has issued 54 million shares of its common stock to Kenactiv. Going forward, the combined companies will do business under the name Kenactiv Innovations and will be headquartered in Scottsdale. Kenactiv Chairman and CEO Christopher E. Galvin now serves as chairman, president and CEO of Kenactive Innovations. Kenactiv's David Querciagrossa and Michael J. Sinnwell Jr. have been named CFO and COO, respectively, of Kenactiv Innovations. OPHI Co-founder and President Billy Styles now serves as president of Kenactiv Innovations' Lawn and Garden division, which remains in Charlotte; and OPHI Co-founder Alan Talbert has been named vice president of operations, Lawn and Garden division.
"The demand for our natural fiber solutions from the automotive, energy and consumer products sectors has ramped up significantly over the past year," Galvin said. "We intend to rapidly scale production to support expansion of our revenue base through our DrillWall™, FiberZorb™ and other natural fiber solutions. Our two companies share important synergies and OPHI's portfolio of sustainable lawn and garden products is a great complement to our retail platform."
"The potential impact of kenaf in growing our specialty turf, garden and agricultural management products is tremendous," Styles said. "It will be very gratifying to help drive the improved sustainability of other industries through the use of natural fibers. Having access to Kenactiv's operational, financial and management expertise will also be a great asset to us as we build on our regional success bringing authentically sustainable solutions for responsible turf and garden care to a broader market."
Kenactiv owns and operates a 160,000-square-foot manufacturing plant in Snow Hill, N.C. The facility is able to process 2 million square meters per month of nonwoven natural fiber felts, as well as 2 million pounds per month of raw kenaf for various textile and non-textile products, and 1 million pounds per month of products such as sorbents derived from the inner core of the kenaf plant, according to Margaret Skriloff, vice president marketing and communications, Kenactiv.
January 29, 2013