EXHIBIT 99.7
PRESS RELEASE
PLANET TECHNOLOGIES AND ALLERGY CONTROL PRODUCTS ANNOUNCE
COMPLETION OF MERGER
SAN DIEGO, California and RIDGEFIELD, Connecticut, August 11, 2005 - Planet
Technologies, Inc. (OTC: PLNT.OB), today announced completion of its merger with
Allergy Control Products, Inc. (ACP), following shareholder approval and Board
of Directors ratification on August 10th. The combination of Planet's Allergy
Free business with Allergy Control will create one of the leading domestic
marketers of allergy avoidance products. Allergy Control Products, Inc. will
continue operations as a wholly-owned subsidiary of Planet Technologies, Inc.
and the company will maintain executive offices in San Diego, California and
Ridgefield, Connecticut.
Scott L. Glenn, chairman and chief executive officer of Planet, stated, "ACP
will now go to market with a distinctive, expanded line of branded products that
is better positioned to satisfy the needs of allergy sufferers. The combination
of ACP's strength in catalog and physician marketing and Planet's experience in
direct response consumer marketing provide a solid platform for future growth."
The newly combined Planet reported pro forma consolidated net sales of
$8,895,035 in 2004, and will distribute and sell a full range of physician
recommended allergy avoidance products. The combined product portfolio will
include proprietary home air filters marketed under the Allergy-Free(R) trade
name, proprietary bedding and encasings marketed under the Allergy Control(R)
trade name and a broad array of other branded allergy and asthma products
including specialty cleaning products, respiratory products, room air cleaners
and vacuums.
Edward J. Steube, President of Allergy Control Products, added, "ACP is excited
to join the Planet family. Our combined brands are strong complements, and we
look forward to the roll-out of new marketing initiatives in 2005 aimed at
profitable revenue growth."
"Planet continues to aggressively pursue additional mergers and acquisitions in
the allergy and asthma space. The company remains interested in branded allergy
avoidance products, and is also actively evaluating opportunities in the
diagnostic and therapeutic areas," added Mr. Glenn. "Ultimately, we feel the
market will reward companies with differentiated products and strong brands."
Following approval of the transaction, Planet's Board of Directors voted to
expand its size from five to seven members and elected Mr. Steube and Michael
Walsh as Directors. Mr. Steube served as Chief Executive Officer and Director
of Allergy Control Products since 2002. Prior to joining ACP, he was a member of
executive management of New York Bancorp, and prior to that a Principal in the
investment banking division of Kidder Peabody and Co, Inc, a subsidiary of GE
Capital. Mr. Steube has a B.A. from Princeton University. Mr. Walsh was most
recently Executive Chairman at Prometheus Laboratories, a specialty
pharmaceutical company, where he also held the positions of President, Chief
Operating Officer, and Chief Executive Officer. He is largely responsible for
developing the company's unique strategy and business model as well as leading
its development into an integrated specialty pharmaceutical and diagnostics
company. Previously, Mr. Walsh was with Quidel Corporation in a number of senior
executive roles including Director of Worldwide Marketing and Business
Development and Director of European Operations. Mr. Walsh has a B.S. from the
University of Notre Dame and an M.B.A. from Pepperdine University.
This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The Company intends that such statements shall
be protected by the safe harbors provided for in such sections. Such statements
are subject to risks and uncertainties that could cause the Company's actual
results to vary materially from those projected in such forward-looking
statements. Factors that could cause or contribute to such differences include,
but are not limited to those discussed in the section entitled "Risk Factors,"
and in "Item 6 - Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the Company's latest Form 10-KSB and in the section
entitled "Risk Factors" in the Company's latest Definitive Proxy Statement filed
with the S.E.C.
ABOUT PLANET TECHNOLOGIES, INC.
Planet Technologies, Inc. (OTC: PLNT.OB) is focused on providing quality care
products for allergy sufferers. Planet acquired the business of Allergy Free,
LLC, and is now engaged in the business of manufacturing, selling, and
distributing products for use by allergy sensitive persons. Allergy-Free(R)
products, including the Aller-Pure(R) line of home air filters, have been sold
to over half a million customers, dating back to 1985. Planet Technologies is
committed to Improving Life Indoors(TM). Additional information can be found at
www.planettechinc.com.
ABOUT ALLERGY CONTROL PRODUCTS, INC.
Allergy Control Products, Inc., a wholly-owned subsidiary of Planet
Technologies, Inc. offers a full line of physician-recommended allergen
avoidance products for allergy relief. In 1983, Allergy Control Products
introduced the first pillow and mattress encasings with an allergen-impermeable
barrier to block dust mite allergen while allowing vapor permeability for
enhanced comfort. Today, ACP is a recognized worldwide leader in the
allergen-avoidance field. ACP's mission is to build upon this valued leadership
position by bringing the highest quality
allergen avoidance solutions to an increasing number of allergy sufferers. ACP
can be visited online at www.allergycontrol.com.
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PRESS CONTACTS:
Scott L. Glenn Bret E. Megargel
President & CEO Vice President, Marketing
Planet Technologies, Inc. Planet Technologies, Inc.
1-858-456-2252 1-858-457-4742 ext. 1167