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HydroMaid plans a vote on proposal to add shares

SHARE HydroMaid plans a vote on proposal to add shares

DRAPER — HydroMaid International Inc. has announced that shareholders will vote July 26 whether to increase the number of common-stock shares from 30 million to 40 million.

The special meeting was announced this week.

The increase would "provide sufficient shares to raise additional capital and to pursue growth through strategic acquisitions," the company said.

The company previously announced that it is in negotiations to acquire EcoSafe, a Utah-based limited liability company. EcoSafe has developed a washing machine cleaning resin and delivery system that could significantly reduce the amount of water needed for cleaning clothes and eliminate the need to add detergent to clean each load of laundry, HydroMaid said.

In order to complete the acquisition, the company needs approximately 2.5 million additional shares, for a total of up to 4 million shares, to be used for the acquisition.

The company's stock price has slipped steadily since the spring, when it was near $3. On Thursday, it finished at its lowest point in the past year, at 29 cents, down 2 cents during the day. In the past year, it has been as high as $3.37.