Check out this one/37Point9 Enters into Agreements to Acquire Three Companies
SAN DIEGO--(OTCBB NEWS NETWORK)--March 11, 2002. 37Point9 (TSPN: .005) President Douglas Brown, announced that continuing negotiations with acquisition candidates has resulted in the signing last week of three simultaneous Memorandums of Understanding to acquire three businesses located in Southern California, the first of which was H & H Glass, Inc. All three companies fit into 37Point9's profile to acquire businesses in the medical products and services industry.
Collectively, when these three acquisitions are completed, 37Point9 will have access to the Far East and Europe and will show historical sales of $9-10 million and have a reported Shareholder's Equity Account of around $9.0 million -- excluding some $20-30 million in Intangible Assets based on GAAP Accounting Standards, primarily resulting from certain patented technologies. "We are very pleased with our potential from these three acquisition candidates as our definition of intent to enter the medical products and services industries," stated Brown. "This is just the beginning of our objective to aggressively build a company in this industry." Brown indicated there are two other targeted acquisitions of similar size which will allow the Company further penetration into the Far Eastern and European markets.
In an unrelated matter, the company, as a result of an investigation initiated in December, 2001, filed with the U.S. District Court of Southern California on March 6th, a lawsuit against former Chairman of the Board and CEO Charles Kallmann alleging Fraud and Conspiracy. Details of the suit may be viewed on the company's website, www.37point9.com.
TSPN as of 10:10 EST is up .0017 (+51.5%) on volume of 3,453,000 shares. Average daily volume is 1.6 million. Volume spiked last Friday trading 5,719,400 shares.
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