August 12, 2002—PowerCold Corporation has announced the acquisition of Applied Building Technology, Inc. (ABT), a St. Petersburg, Florida-based supplier of complete standardized heating, ventilation, and air conditioning (HVAC) packages for standard-sized commercial buildings such as national chain businesses. The asset purchase transaction involves a combination of cash and stock.
With the acquisition of ABT, PowerCold , which markets energy-efficient and environmentally safe equipment to reduce power costs by up to 50%, has entered the small commercial HVAC application market. PowerCold says it is a perfect fit for their evaporative condensers and ABT’s desiccant air conditioning units. ABT is being merged into PowerCold’s wholly owned subsidiary Ultimate Comfort Systems as an operating engineering division. This merger will give PowerCold a strong engineering and design staff with veteran technical and service personnel.
ABT is the approved Burger King vendor for supplying a combination HVAC and desiccant system and/or evaporative coolers to its franchises and company restaurants. In humid regions such as coastal areas the desiccant package is used to reduce humidity. In dry areas evaporative coolers are used to reduce electric power costs. The ABT system reduces overall HVAC power costs by 15% – 20%, while producing a comfortable dining and working space for customers and employees, according to PowerCold. ABT also has existing contracts with Apple Gold’s “Applebee’s” franchises.
For an investment profile on PowerCold, visit Hawk Associates.
