OSLH Announces 48% Acquisition of Corporate Diversity Solutions
OSL Holdings Inc. Announces Acquisition of 48% of the Equity Interests of Corporate Diversity Solutions OSL Holdings Inc. ("OSL" or the "Company") (OTCBB:OSLH) announced that the company has acquired a 48% equity interest of Corporate Diversity Solutions ("CDS"). In exchange for the 48% equity interest in CDS, OSL gave certain CDS shareholders a total of 200,000 shares of OSL common stock and agreed to indemnify the selling shareholders of CDS for certain potential payments owed by the selling shareholders to one of CDS's suppliers. CDS is a Women's Business Enterprise National Council (WBENC) certified Tier One Company headed by Stacey Scarpa. CDS is committed to being a leading diversity procurement & distribution organization which is today focused on office supply, sustainability, janitorial, research development, and MRO (maintenance, repair and overhaul) supplier of goods and data maintenance services. In connection with the acquisition, OSL also entered into an employment agreement with Ken Scarpa. Ken will direct national sales at OSL and will also remain the Senior Vice President at CDS. He has over thirty years experience in all aspects of distribution.
At current levels this acquisition will deliver approximately $3,000,000 in annual sales in the office products commodity.
Commenting on this acquisition, Eli Feder, CEO of OSL stated, "With the acquisition of CDS, we will be able to leverage their technology platform, management experience and product expertise as we execute against our diversity channel strategy. " CDS President Stacey Scarpa added, "We are excited about the opportunity the support of OSL presents. This support will strengthen the position CDS has, to continue its steady growth and expansion into other major product and service categories besides the traditional office supplies category to corporations and government agencies."
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