ActionView International, Inc. (AVWI) Announces Letter of Intent for Acquisition Transaction With Jim Palmer Trucking, Inc.
VANCOUVER, BC (scamcouver, lol) today announced that the company has entered into an initial agreement in the form of a letter of intent for an acquisition transaction with Jim Palmer Trucking, Inc., a leading transportation company headquartered in Missoula, Montana. 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.
"Jim Palmer Trucking is a mature company with substantial revenues and a solid strategy for additional future growth, and we are extremely pleased to have reached an initial agreement for an acquisition transaction," stated Steven R. Peacock, president/chief executive officer of ActionView International. "We look forward to the completion of the ongoing due diligence and moving to a definitive agreement with Jim Palmer Trucking once the terms of the letter of intent have been met."
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 http://www.actionviewinternational.com.
Contact: Gemini Financial Communications A. Beyer 951-677-8073
The Registrant had 215,941,986 shares of common stock, $0.001 par value, outstanding as of March 17, 2008.
AS: 1B
Total Revenues 2007: $137,325
The Company has incurred losses since inception resulting in an accumulated deficit of $ 8,985,189 and working capital deficiency of $730,232 at December 31, 2007.
(i) During the year ended December 31, 2005, the Company borrowed $225,000 from CLX Investment Company, Inc. (“CLX”), bearing interest at 8% per annum compounded quarterly in arrears under Financing Agreement dated July 15, 2005 and amended January 16, 2006. The loan was repayable to CLX in an amount equal to 25% of net quarterly income of the Company or $75,000 whichever is greater, commencing on the earlier of May 31, 2007 or the month following the quarter in which the Company generates net quarterly income of at least $150,000. The Company received written notice of default from CLX, as prescribed under their Financing Agreement, requesting conversion of the $225,000 principal owing plus $21,727 accrued interest into restricted common stock of the Company, equivalent to 8,907,100 shares. The shares were issued during the year ended December 31, 2007.
(ii)The Company issued a total of 47,875,563 shares of restricted common stock in satisfaction of notes and debentures payable plus accrued interest totaling $587,530. The value of the shares on the date of issuance was $946,041, which resulted in a “gain on extinguishment of debt” of $358,510.
Good news and CRGO should rip! Look at AVWI with hardly any rev's or cash buying a trucking company. CRGO has LARGE rev's!!!
audited numbers...
Revenues for year ended December 31, 2007: $17,212,765 Revenues for year ended December 31, 2006: $17,927,544 Revenues for year ended December 31, 2005: $14,661,851
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