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Union Equity Inc. Executes Letter of Intent to Acquire Assets of Exodus Truck Systems, Inc.
Marketwire(Tue, Jun 1)
ORLANDO, FL--(Marketwire - 06/01/10) - Union Equity Inc. (Pinksheets:UNQT - News) is pleased to announce that they have entered into a Letter of Intent for the purchase of substantially all of the assets of Exodus Truck Systems, Inc.
Exodus, through its subsidiaries, has been in the heavy truck leasing and sales business for over 10 years and is under common control with Union. In those 10 years, Exodus has acquired a vast amount of industry knowledge, essential assets and market share; those are precisely the attributes Union will require in order to continue to grow in the heavy truck leasing and sales market. The proposed transaction will substantially grow the assets and revenues of Union Equity Inc. potentially creating increased value to shareholders; and, with truck tonnage up 7.5% from a year ago, according to the American Truck Association, Union Equity Inc. should be poised to gain additional market share.
Completion of the proposed transaction is subject to a number of conditions, including but not limited to, completion of satisfactory due diligence, completion of a financing; and execution of a definitive agreement. There can be no assurance that the proposed transaction will be completed as proposed or at all.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to Union gaining market share and closing the acquisition. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Specific factors that may cause results to differ include, but are not limited to the ability of Union to complete a future financing and the condition of the global and U.S. capital markets.
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