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NASHVILLE, Tenn. Following Zestron America's announcement of its intent to purchase the cleaning company Kyzen Corporation, Kyle J. Doyel, CEO and president, refuted the claims stating, "Kyzen's board of directors has not solicited, nor has it directed management to solicit, offers from any party or have discussions regarding a potential sale of the company."
"Kyzen continues to implement and refine its long-term strategic plan," noted Doyel. "Kyzen's balance sheet is solid, and management continues with our efforts to enhance shareholder value." The company claims that Zestron has provided no details to Kyzen's board or management regarding this offer. "We believe it is important for our shareholders, customers, employees, and suppliers to understand that, although our Board will thoroughly review any reasonable offer, Kyzen is not for sale," concluded Doyel.
In an earlier announcement, Zestron America noted its interest in purchasing Kyzen, emphasizing Zestron's desire to complete a negotiated transaction with the support of Kyzen's board of directors. Oskar K. Wack, chairman of the board of directors for Zestron noted that this purchase "... presents an excellent business fit in terms of manufacturing capabilities, distribution, and the ability to service the companies' combined customer base."
Kyzen reported revenues of $1.65 million in the Q3'05, a rise from $300,000 the previous year, but earnings dropped about 42%, shows a report from the Nashville Business Journal in October 2005. The company showed a profit of $62,705 in the quarter ending September 30, 2005, compared to $109,007 in the same quarter last year. Current earning statements were not available at this time. Both Kyzen and Zestron are privately held companies.