News
Podium Venture Group, Inc. Announces Discussions for 100% Acquisition of Erino Clothing Company
Dec 27, 2006 1:21:00 PM
Copyright Business Wire 2006
PORTLAND, Maine--(BUSINESS WIRE)--
Podium Venture Group Inc. (PDVP), an apparel, media and publishing holding company in the lifestyle sports industry, announced today that it has entered into discussions to acquire 100% of Erino Clothing Company (erinoclothing.com), a surf-lifestyle clothing company. The closing of this acquisition, expected before the end of the year, would bring Podium its second scheduled wholly owned subsidiary.
"As we previously released on November 6th, we were moving quickly to acquire 75% of Erino Clothing. With all the other happenings in the company; the 25% stock dividend, the acquisition of N'East Magazine, the close of 2006, and the trade show season for Erino quickly approaching, the M&A team here at Podium thought it best to further assess risk vs. gain in the Erino transaction. This lead us happily to a 100% acquisition which we expect to close before 2007. Once this acquisition is closed, along with the others lined up ready to knock over, we intend to release the new 2007 Erino line and take it to the national level," Jim McGinley, President & CEO, Podium Venture Group, Inc.
Podium Venture Group, Inc. is an apparel, media and publishing holding company in the lifestyle sports industry. The company intends to grow through strategic acquisitions, capitalization and internal growth. The approximate share structure as of December 27, 2006: A/S 525,000,000, O/S 47,000,000, Float 8,000,000.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements.
