ACHRNEWS

PowerCold Acquires Applied Building Technology

August 11, 2002
LA VERNIA, TX — PowerCold Corp. announced the acquisition of Applied Building Technology Inc. (ABT), a St. Petersburg, FL-based supplier of complete HVAC packages for standard-sized commercial buildings such as national chain businesses. The asset purchase transaction involves a combination of cash and stock. Specific terms were not disclosed.

PowerCold CEO Frank Simola said, "PowerCold has entered the small commercial HVAC application market with the acquisition of ABT. This is a perfect fit for our evaporative condensers and ABT's desiccant air conditioning units. PowerCold has gained an excellent strategic distribution network.

“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.”

Bob Yoho, president of Ultimate Comfort Systems, added, "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 to 20 percent, while producing a comfortable dining and working space for customers and employees. ABT has existing contracts with Apple Gold's ‘Applebee's’ franchises, as well as prospects for other fast food restaurant and national account chains including drug stores and retail stores. Apple Gold has requested ABT to design and test PowerCold's Nauticon™ evaporative condenser in Applebee's restaurants in California and North Carolina.”

ABT is a Carrier national account that designs and supplies a complete HVAC system including Carrier equipment, controls, ductwork, fans, installation, and warranty service for domestic and international contracts through an agreement with Pierce-Phelps, a large Carrier distributor in Philadelphia, PA.

ABT also manufactures and sells desiccant latent air conditioners with its HVAC systems. ABT has over 100 desiccant installations, some of which have been in service over seven years. ABT has offices in St. Petersburg, FL and Philadelphia, PA, and manufacturers representatives in Denver, CO and Dallas, TX.

Ultimate Comfort Systems Inc. offers high efficiency new and retrofit HVAC systems for commercial buildings, including hotels, managed care facilities, office buildings, condominiums, and apartment complexes. Two hotels outfitted with the Ultimate Comfort Systems technology, are among the first hotels in the U.S. to receive the EPA’s Energy Star® label.

Publication date: 08/12/2002