ASII: news
Axion Spatial Imaging (ASII) Announces Letter of Intent To Acquire Multinational Distribution Company With Subsidiaries In India, China, Europe, and Canada Business Wire "US Press Releases "
LAS VEGAS --(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.
Source: Axion Spatial Imaging
