LEWISTON, N.Y. - Technology development company CVF Technologies Corp. announced March 14, 2001, that in a series of transactions, it has restructured Canadian-based pesticide and fertilizer manufacturer Ecoval Inc. as a U.S. company to be known as Ecoval Corp. with its new headquarters to be in Lewiston, N.Y.
The restructuring included the issuance of 866,820 shares of CVF Technologies to the controlling shareholders of Ecoval Inc., in return for their Ecoval shares. As a result of this restructuring CVF will own 88 percent of Ecoval Corp., up from a 31 percent ownership interest in the previous company, Ecoval Inc. Ecoval Corp. will continue to focus on the development and marketing of proprietary, natural and environmentally safe pesticide and fertilizer products, as did its predecessor company, Ecoval Inc.
Ecoval develops and markets its brand of 100 percent natural, environmentally safe fertilizers; a patented, non-toxic, organic herbicide; a patent applied for, non-toxic, organic insecticide; and patented tree recovery system to customers that include municipalities, professional lawn care and landscaping contractors, golf courses and major retail chains. The company’s Nature's Glory (www.naturesglory.com) line of products are designed to stimulate soil activity with a non-chemical product.
CVF Technologies also announced that Richard Daoust, Ph.D. has been appointed president and CEO of Ecoval Corp. Prior to joining Ecoval, he served as vice president for agricultural products at SafeScience Inc., a Boston-based biotechnology company. Before SafeScience, Daoust started and ran his own biopesticide company, and from 1985 to 1997, worked in several executive positions at Ecogen Inc., an agricultural biotechnology company dedicated to the development of biopesticides.
"I am looking forward to Ecoval becoming an important participant in the rapidly growing organic and natural agriculture and horticulture markets," Daoust said. "Not only are these products natural and safe, but they are also efficacious and cost effective."
Jeffrey Dreben, president and CEO of CVF Technologies said, "We are pleased that the restructuring of Ecoval has allowed us to acquire a controlling interest in the company. [Dr. Daoust’s] vision and capability will guide the company through its transition from a natural pesticide and fertilizer developer to a leading marketer of premium quality patented natural fertilizer and pesticide products to consumer and commercial users throughout the world."
With headquarters in Lewiston, N.Y., CVF Technologies Corporation is a technology development company whose principal business is sourcing, funding and managing emerging pre-public technology companies with significant market potential. Founded in 1989, CVF's holdings include nine companies involved in information technology and environmental products/services.
For more information about CVF Technologies visit www.cvfcorp.com.