Swisher International, Inc. announced the sale of the Surface Doctor franchise system to Surface Doctor, LLC, a newly formed subsidiary of Pistor and Associates, Inc., parent company of the Miracle Method franchise system. The Surface Doctor franchise system, acquired by Swisher in July of 1996, provides refinishing services to both commercial and residential markets. The Miracle Method division of Pistor and Associates, based in Colorado Springs, Colorado, also provides commercial and residential refinishing services which makes it a comparable system to Surface Doctor. The acquisition of Surface Doctor by Pistor and Associates, Inc. will, according to its President Chuck Pistor, significantly expand its position in the marketplace and give the current Surface Doctor franchisees a benefit from their association with a company dedicated to the refinishing industry. The sale of Surface Doctor may result in a non-cash charge to expense of up to $250,000 in the fourth quarter related to the elimination of goodwill recorded during the acquisition. Not only will this transaction benefit the Surface Doctor franchise system as previously stated, it also benefits Swisher International by allowing its flagship Swisher Hygiene division to focus its resources on the development of new products and services for its rapidly expanding customer base. It will also give the Company more resources to use in expanding the international markets in its Hygiene division.
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