KAHI - - Press ReleaseSource: Kaire Holdings, Inc.
Kaire Holdings, Inc. Announces Strategic Acquisition
Wednesday March 19, 12:21 pm ET
LOS ANGELES, CA--(INTERNET WIRE)--Mar 19, 2003 -- Kaire Holdings, Inc. (OTC BB: KAHI), announced today that it has acquired EntreMetrix, Inc.
Based in Irvine, California, EntreMetrix, Inc. is a national provider of administrative, employer, and financial support services to medical, life science and technology companies throughout the country. In addition, EntreMetrix provides specialized outsourced Human Relations and Financial services for health care recruiters and a diverse range of health service providers.
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KAIRE acquired EntreMetrix through a combination of restricted common stock valued at $490,000, and a $2,500,000 promissory note, which is due and payable, including 4% annual interest, in 4 years. EntreMetrix began operations in June 2002. Since that time, revenues have grown consistently month over month exceeding $675,000 in January 2003. Physical 2003 revenues are projected to exceed $20 million. The company utilized one of its wholly owned subsidiaries in the acquisition.
Kaire CEO Steven Westlund stated, "This acquisition reflects the company's evolving business strategy to develop programs and services which benefit current operations and create future opportunities. This acquisition accomplishes both of those goals. In addition, the acquisition opens the door to a network of health care business clients and services. We view EntreMetrix as the cornerstone of our evolving business strategy."
Scott W. Absher, with NeoTactix, commented on the transaction, saying, "We believe that the combined business platforms of Kaire and EntreMetrix will allow us to capitalize on the present health care staffing opportunity in the health care sector. EntreMetrix provides essential support and financial services to the health care market place."
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