Earlier today, Heckmann Corp. announced that it has completed its merger with China Water and Drinks Inc. As terms of the agreement, China Water is now a wholly-owned subsidiary of Heckmann Corp. and its stock will no longer trader under the ticker symbol “CWDK” on the OTCBB. Ninety-five percent of the shareholders who voted at Heckmann’s special meeting yesterday approved the transaction.
In the press release, the company also announced that its Board of Directors approved a discretionary buy-back plan for the Company’s four year warrants issued as part of its IPO units in November of 2007. Under the terms set, the company is able to purchase warrants in open as well as private transactions through December 31, 2009.
Commenting on the merger and buy-back, Dick Heckmann, Chairman and CEO stated, “We are excited to close our merger with China Water on schedule, and we look forward to building the company into a worldwide water enterprise. We also believe periodic buy back of our warrants when market conditions present a favorable opportunity will be beneficial to the long term interests of our stockholders.”
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