ECIT execution of a Letter of Intent with D&R Technology, Inc., ("D&R") a world leading provider of automated tube processing solutions for the automotive industry based in Mississauga, Ontario. Pursuant to the terms of the letter of intent, D&R's shareholders will receive share ownership in ECIT and D&R's management team will assume operating and managerial control upon completion of the acquisition.
D&R Technology Inc. is a recognized technology pioneer and market leader in the area of engineering, design and the manufacturing of automated tube processing solutions for the automotive industry. It is emerging as one of the world's leading providers of automated manufacturing solutions, which are used by three of the top ten automotive part suppliers in the world.
The Company also makes custom-built tooling, provides process development, production support, "on-going" service, preventive maintenance and more. D&R is devoted to customer satisfaction through best in class technology application. Developed partnerships with market leaders enable D&R to collectively leverage their respective strengths and deliver total solutions to their customers.
D&R Technology, Inc. applies a process driven approach to equipment creation.
Today's automotive enterprises must continually increase their productivity in order to compete effectively. This requires shorter delivery times reduced operating costs, optimal utilization of capacities and optimized material and information flow, which is the continued primary focus D&R Technology, Inc. offers their customers.
At the same time, total automation, defined previously as the ultimate goal, is being superseded by hybrid, partially automated and therefore flexible production systems. More than ever before, automotive enterprises need companies like D&R to build complete and partially automated solutions, designed quickly, cost-effectively, reliably and ergonomically. For more information please visit www.dnrtechnology.com
David Wallace, CEO of Ecoland International, states, "We are truly excited about the recent proposed transaction as we feel D&R is positioned for rapid revenue growth and strong profitability as the Company's technology is clearly applicable to a number of huge multi-billion markets, including automobile manufacturing, aircraft, large construction equipment, die cutting and other industries requiring robotic fabrication of precision metal components." Wallace continues, "The main stimulus for this acquisition was the tremendous growth potential of the D&R brand and the strong demand for such products associated with this brand. We also inherit the proven revenues, sales experience and the existing business relationships of D&R."
The Letter of Intent is non-binding and final completion of the acquisition is subject to, among other items, (i) the successful completion of standard due diligence by the parties, (ii) the negotiation, execution, and delivery of a definitive merger agreement, and (iii) the approval of the transaction by the boards of directors of both companies and by the stockholders of D&R Technology.
