Cleaning & Restoration Breaking News

Saugatuck Withdraws From Venturi Agreement

November 28, 2000
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Denver, Colo. (PRNewswire) -- Venturi Technologies Inc. has announced that Stamford, Connecticut based Saugatuck Capital Company has withdrawn its investment offer of $5 million in Venturi Technologies Inc.

A Saugatuck Capital Company spokesperson stated, "A tightening of conventional credit facilities, which had been contemplated in part to finance Venturi's growth, precluded Saugatuck's investment in Venturi. The Company's capabilities and its technology provide a service offering that outperforms its competitors. We are disappointed we can not proceed at this time."

Michael F. Dougherty, President and CEO of Venturi stated, "Venturi continues to make dramatic improvement. The result of the most recent quarter with revenue of $5 million and earnings improvement of just under $1 million from the previous quarter are indicative of the company's progress. We will continue to seek capital to implement our growth strategy. At the same time, it is critical that we leverage our existing assets to increase both revenue and earnings through active and measured market penetration."

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