ECIT has potential. 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.
