Newlook Enters Into Letter of Intent to Acquire Waste Equipment Manufacturer
June 07 2010 - 12:06PM
Marketwired
Newlook Industries Corp., (TSX VENTURE: NLI), ("Newlook" or "the
Company") announced today that it has entered into a letter of
intent to acquire the Fanotech Manufacturing Group.
The Fanotech Manufacturing Group consists of Fanotech Enviro
Inc., Fanotech Waste Equipment Inc. and Fanocor Enterprises Inc.
The Fanotech Group manufactures a comprehensive line of waste
handling products ranging from transfer station compactors,
trailers, mobile equipment and garbage disposal bins. With forty
years experience, the Fanotech Manufacturing Group operates from
two facilities with combined space of approximately 160,000 square
feet in Bracebridge and Huntsville, Ontario, Canada.
The Company has agreed to pay CAD$1M in cash plus a note for
approximately CAD$1.8M payable over 3 years for the net book value
of the assets and restricted common stock for goodwill based on the
last 5 years of trailing earnings of CAD$3.5M before interest,
taxes, depreciation and amortization. The final purchase price will
be adjusted based on audited financial statements for the most
recent fiscal year end preceding closing.
The closing is subject to the necessary approvals, which include
consent of the Company's board of directors and Canadian securities
regulators.
Newlook Industries Corp., headquartered in King City, Ontario is
a publicly traded company listed on the TSX Venture Exchange. For
more information please call (905) 833-3072 or refer to
www.sedar.com.
The management of the company, who take full responsibility for
its content, prepared this press release. This press release
contains forward-looking statements relating to future events and
results that are based on Newlook's current expectations. These
statements involve risks and uncertainties including, without
limitation, Newlook's ability to successfully develop and market
its products, consumer acceptance of such products, competitive
pressures relating to price reductions, new product introductions
by third parties, technological innovations, and overall market
conditions. Consequently, actual events and results in future
periods may differ materially from those currently expected.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Newlook Industries Corp. John G. Simmonds Chairman
& CEO 905-833-3072 ext. 223
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