AGR Announces Update on Merger with AGR Stone USA, Inc.
AUSTIN, TX, April 20 /PRNewswire-FirstCall/ - AGR Tools, Inc. is pleased to announce that the financial statements required for the merger between AGR Tools, Inc. and AGR Stone & Tools USA, Inc. have been completed and are now going through the final audit. It is anticipated that the audit and merger will be completed within a few weeks. A definitive merger completion date will be released shortly. AGR would like to thank Saturna Group Chartered Accountants LLP for their hard work and support.
John Kuykendall, Secretary/Treasurer of AGR Tools, Inc. stated "There has been a delay in the merger between AGR Stone & Tools USA, Inc. and AGR Tools, Inc. due to the complicated nature of the transaction but we are extremely pleased to be entering the final stages and look forward to completing the transaction."
AGR Tools, Inc. is a public company with its common stock quoted on the OTC Bulletin Board under the symbol AGRT and the Berlin and Stuttgart Stock Exchanges under the symbol LVSA. AGR Tools Inc. and AGR Stone & Tools USA, Inc., a private Texas-based company, entered into a binding share exchange agreement on October 29, 2009. Since that time, both companies have been working diligently to close the transaction.
About AGR Stone & Tools USA, Inc.
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AGR Stone & Tools USA, Inc. is a major supplier of diamond tools and adhesives. It specializes in producing consumable tools for the natural stone, engineered stone, concrete and masonry industries, and its goal is to provide its clients with superior quality products, excellent customer service and the most competitive prices in the diamond tool industry. The company has completed extensive research and testing, and uses the latest technologies to assure it is at the forefront of the diamond tool industry. The company also employs some of the world's top scientists, engineers and metallurgists to produce the highest quality diamond tools for the construction industry.
On October 29, 2009, AGR Tools, Inc. and AGR Stone & Tools USA, Inc. entered into a binding share exchange agreement. See AGR Tools, Inc.'s November 2, 2009 Current Report on Form 8-K regarding the share exchange agreement with AGR Stone & Tools USA, Inc. for details on various conditions which must be met before the share exchange between the two companies closes. There can be no assurance that the share exchange will close. AGR Tools, Inc. must issue 46,186,516 shares of its common stock to the current shareholders of AGR Stone & Tools USA, Inc. in order to complete the share exchange. Accounting for the anticipated cancellation of 25,000,000 shares of its common stock, upon the closing of the share exchange AGR Tools, Inc. will have 81,186,516 shares of common stock issued and outstanding.
More information on AGR Stone & Tools USA, Inc. can be found at: www.agrtools.com
Forward-Looking Statements:
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Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See AGR Tools, Inc.'s filings with the United States Securities and Exchange Commission which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE AGR Tools Inc.
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