Axion Spatial Imaging (ASII) Announces Letter of Intent To Acquire Multinational Distribution Company With Subsidiaries In India
April 09 2008 - 9:35AM
Business Wire
Axion Spatial Imaging (Pink Sheets:ASII) announced today that it
has signed a letter of intent to acquire all the stock of a
privately held US distribution company with subsidiaries in India,
China, Europe, and Canada. Financial details of the proposed
acquisition are not disclosed at this time. The acquisition is
expected to close in April of 2008 and is subject to certain
closing conditions, including satisfactory completion of due
diligence and execution of the Definitive Agreement. The Company
manufactures under contract and private label pigments, dyes,
chemicals, and steel wires and is currently expanding into
pharmaceuticals. Current relationships and joint ventures include
three (3) manufacturing plants to directly supply steel wires to
manufacturers for springs, automobiles and garment/textile
industries. The Company also holds joint ventures with two (2)
plastic manufacturers for plastic bag distribution in the US
market. "This acquisition supports ASII�s strategy of focusing on
revenue growth and profit generation. It expedites our corporate
goals in the US as well as opens new business opportunities
internationally. We are hoping to have this acquisition finalized
within the next couple weeks, and are excited to partner with a
diversified, multinational corporation with steady revenue streams
worldwide," stated Axion Spatial Imaging Inc. President, Ricardo
Perez Rodriguez. Safe Harbor Statement: Except for historical
information contained herein, the matters set forth above may be
forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ from those
in the forward-looking statements. Words such as "anticipate,"
"believe," "estimate," "expect," "intend" and similar expressions,
as they relate to the Company or its management, identify
forward-looking statements. Such forward-looking statements are
based on the current beliefs of management, as well as assumptions
made by and information currently available to management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors such as
the level of business and consumer spending, the amount of sales of
the Company's products, the competitive environment within the
industry, the ability of the Company to continue to expand its
operations, the level of costs incurred in connection with the
Company's expansion efforts, economic conditions in the industry
and the financial strength of the Company's customers and
suppliers. The Company does not undertake any obligations to update
such forward-looking statements. Investors are also directed to
consider all other risks and uncertainties.
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