Greenparts International Signs Letter Of Intent for Acquisition
ATLANTA, GA / ACCESSWIRE / January 28, 2016 / GreenParts International, Inc. (OTC: GNPT), a diversified recycling company has signed a Letter of Intent (LOI) to acquire URM, an Atlanta based, recycling company with over $4 million in annual sales. URM can be acquired for the equivalent of one third sales in a combination cash and stock transaction. The LOI provides the parties ninety days to complete their due diligence obligations prior to closing.
Asif Balagmwala, Greenparts CEO, commented, "The pending URM acquisition is consistent with our strategic plan that calls for both vertical and horizontal integration within our piece of the recycling industry. The URM acquisition will provide a convenient collection point for recyclable materials, in addition to warehouse facilities, which when combined, gives Greenparts a tremendous logistical and operational boost."
Balagmwala concluded, "This diversification is important to our expanding activity in the utilization of construction waste and reinforces our vision and our mission as a "green" company. Most construction and demolition debris ends up in landfills, increasing the burden on the environment. We can now recycle for re-use in the same product categories or for repurposing."
Safe Harbor Statement
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
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