AWT to Buy New Jersey Company
December 11 2007 - 7:45AM
PR Newswire (US)
Company Sets Sale Terms to Closing Documents SOMERSET, N.J., Dec.
11 /PRNewswire-FirstCall/ -- Somerset-based AWT, Inc. (OTC:AWTM)
today announced that it has agreed to sale terms of its first
acquisition target. The transaction includes a cash payment upon
transfer of ownership. The company said it will finance the deal
with cash-on-hand. AWT expects to accept final transfer of
ownership of the company at the beginning of 2008. The deal "will
provide AWT with a solid footing for 2008 and a cash flow positive
asset to continue to build upon," Christopher J. Neill, chief
executive officer of the company, said in a statement. The
healthcare supplier projects this asset should grow to
approximately $700,000 in revenue and $266,000 for income in 2008.
"The owner has been running his business for nearly 20 years and is
now retiring. We wish him well. The overall operation we are
acquiring has been small for many years, but we plan to change
that. With our revenue model in place the purchasing efficiency
alone will substantially increase our overall income margins,"
stated Neill. Under the agreements, both companies are unable to
speak directly regarding the specific terms prior to the closing of
the acquisition. ABOUT AWT, INC. AWT Inc, headquartered in
Somerset, New Jersey, with locations in the USA and Saudi Arabia,
is a rapidly expanding durable medical equipment and supply
company. It distributes state-of-the-art medical equipment to the
healthcare industry, as well as general supplies. AWT Inc is
committed to a more traditional personal service commitment to
healthcare and cost efficiencies for clients, providing superior
service and products to the healthcare world at the lowest possible
price and with delivery times superior to any in the industry. It
is equally committed to always exceeding customer expectations and
to increasing shareholder value. Disclaimer: CAUTIONARY STATEMENT
ABOUT FORWARD-LOOKING STATEMENTS The stated terms for the
acquisition described in this press release have not been completed
for AWTM at the time of writing. It is the intention of AWTM to
work with target on an open and direct basis to receive the best
value for the asset contemplated and to complete any additional
financings contemplated on a best efforts basis and at its earliest
possible opportunity. If the acquisition is not completed or any
potential financing is not completed, no assurances as to the
financial viability of the company can be given. No guarantee can
be made by the company as to if the acquisition or potential
financing mentioned herein will actually take place and close. If
the acquisition and or financing does not close where AWTM has not
received assets and or monies for future growth, actual results
could differ materially from those projected in the forward-looking
statements. This press release contains "forward-looking
statements," which are statements related to future, not past,
events. In this context, the forward-looking statements often
include statements regarding our goals, plans, projections and
guidance regarding our financial position, results of operations,
market position, pending and potential future acquisitions and
business strategy, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks" or "will."
Any such forward-looking statements are not assurances of future
performance and involve risks and uncertainties that may cause
results to differ materially from those set forth in the
statements. These risks and uncertainties include, among other
things, (a) general economic and business conditions, (b) the level
of strategic partner incentives, (c) the future regulatory
environment, (d) our cost of financing, (e) our ability to complete
acquisitions and dispositions and the risks associated therewith,
and (f) our ability to retain key personnel. These factors, as well
as additional factors, could affect our forward-looking statements.
We urge you to carefully consider this information. We undertake no
duty to update our forward-looking statements, including our
earnings outlook. DATASOURCE: AWT, Inc. CONTACT: Christopher J.
Neill of AWT, Inc. +1-732-246-2330 Web site: http://www.awtmid.com/
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