VANCOUVER, BC -- (MARKET WIRE) -- 05/15/08 -- ActionView International, Inc. (OTCBB: AVWI) CEO Steven R. Peacock today discussed the company's recently announced letter of intent for an acquisition transaction with Jim Palmer Trucking, Inc., a leading transportation company headquartered in Missoula, Montana. ActionView International had been evaluating acquisition candidates for several months before entering into the agreement with Jim Palmer Trucking.
"It was our intention from the time we first became involved with ActionView International to target the best possible acquisition candidate," commented Mr. Peacock. "During this process, we were presented with and conducted due diligence on a number of private companies that were seeking acquisition by a public company. While the disclosure of specific financial information for Jim Palmer Trucking will be part of the closing process, we can say that ActionView management is confident that Jim Palmer Trucking is a high quality company that we believe has a tremendous future operating in the public markets."
"The timeline for this acquisition is expected to be relatively short, with the close expect within 60 days of the announced letter of intent. We look forward to providing as much information as possible over the next several weeks regarding the details of the transaction and the future of the public company with Jim Palmer Trucking as its focus," added Mr. Peacock.
Jim Palmer Trucking was established in 1966 with one truck and has grown into one of the premier refrigerated carriers in the United States. Jim Palmer Trucking operates in 44 states and maintains a fleet of 350 trucks and 500 trailers.
Jim Palmer Trucking's top five customers by percentage of revenues include Anheuser Busch, the Kroger Co., Coors Brewing Company, C.H. Robinson Worldwide, and Tyson Foods. In addition to its headquarters in Missoula, Montana, Jim Palmer Trucking has terminals in Salina, Kansas and Denver, Colorado. Jim Palmer Trucking also has drop lots located in Fontana, California; Tampa, Florida; Portland, Oregon; Wenatchee, Washington; and Chicago, Illinois.
The initial agreement in the form of a letter of intent provides the framework for a subsequent definitive agreement under which ActionView International would acquire all of the issued and outstanding shares of Jim Palmer Trucking, Inc. in exchange for a majority percentage of ActionView International. The details of the proposed share exchange will be included in the definitive agreement.
The letter of intent outlines additional due diligence, audit work and other terms that must be fulfilled to proceed to definitive agreement and to subsequently effect a close of the transaction.
The post-merger plan for Jim Palmer Trucking includes a potential acquisition strategy, the addition of new members to the management team, and the development of additional business lines within the trucking industry while maintaining and growing existing accounts in its core business.
About ActionView International, Inc.
ActionView International's operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards. ActionView places its signs into high traffic locations and markets advertising space on the signs. ActionView shares advertising revenue generated from the billboards with advertising agencies, the local business partner and the location owner. The benefit to advertisers is exposure in high traffic locations at reasonable costs due to the scrolling feature and multiple advertisers. For additional information about ActionView, please visit the company's website at www.actionviewinternational.com.
Forward-Looking Statements
This release contains 'forward-looking statements' within the meaning of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
Contact: Gemini Financial Communications A. Beyer 951-677-8073 Email Contact
Source: ActionView International, Inc.
Public Companies Associated with this story: AVWI
Knobias Subject Codes Associated with this story: Merger/Acquisition
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