Sharps Compliance Buys Citiwaste

(RTTNews) - Sharps Compliance Corp. (SMED) announced the acquisition of Citiwaste, LLC, located in Brooklyn, NY. Citiwaste is a full service, route-based provider of medical, pharmaceutical and hazardous waste solutions to over 5,500 customer locations in New York, New Jersey, Connecticut and Massachusetts.

Citiwaste has annual revenue of approximately $3 million, serving small to medium size waste generators primarily in the healthcare, professional, and assisted living/long-term care markets. Revenue at Citiwaste has grown by approximately 30% - 40% annually over the past 4 years.

The purchase price consists of $7 million in cash and 456,760 shares of Sharps Compliance unregistered stock for a total consideration of $9 million.