TOFS NEWS
247MGI Signs LOI to Acquire Manufacturing Company
Monday April 14, 8:32 am ET
FT LAUDERDALE, FL--(MARKET WIRE)--Apr 14, 2008 -- 247MGI Inc. (OTC BB:TOFS.OB - News) ("247MGI"), is pleased to announce it has signed an LOI to acquire a manufacturing company located in Miami, Florida.
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As previously announced the Company is seeking to increase liquid assets and has been working with several companies looking to go public. The manufacturing company will become a wholly owned subsidiary 247MGI and the transaction does not require the issuance of any Common or Preferred stock to the manufacturing company.
The manufacturing company currently has sales of $1.8 million and with some changes247MGI has required as part of the deal the company will net a minimum of 10% before taxes. The goal of 247MGI is to help expand the company through acquisition then package the company and spin it off as its own publicly traded company within the next 12 to 15 months.
For its assistance, 247MGI shall retain equity in the company and shall be in charge of all of Investor Relations. This is the first of several transactions the Company is currently working on.
This does not change the focus of 247MGI or its media operations. 247MGI will resume Broadcasts of Smallcap Rapp shortly and has received several good leads from its first market agreement.
On Wednesday at 7:00 PM Nationwide Short Sale Services ("NSSS") will Broadcast another segment of its Short Sale Service. On its first Broadcast NSSS had a 1% response to its test mailing and a 1/2 of 1% listed to the full Broadcast of 28 minutes.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contact:
CONTACT:
Matt Dwyer
Chairman and CEO
954 323 2516
e-mail: Email Contact
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Source: 247MGI, Inc.
