XRX International Entertainment Holding Group, Inc. Acquires Ameriscott Homes, Inc.
January 04 2012 - 11:56AM
Marketwired
XRX International Entertainment Holding Group, Inc. ("XRXH")
(PINKSHEETS: XRXH) announced today that it has acquired Ameriscott
Homes, Inc. ("Ameriscott"), www.ameriscotthomes.com, subject to the
terms and conditions of a stock purchase agreement, which will
result in Ameriscott becoming a wholly owned subsidiary of XRXH.
XRXH, a holding company originally formed in 1998, had focused
its operations in the entertainment sector. XRXH had operated its
entertainment business through its wholly owned subsidiary doing
business under the name Swig Bartini & Bistro in Weston,
Florida.
"The acquisition of Ameriscott Homes has the potential to remake
the boundaries of XRXH, allowing XRXH the capability to expand its
horizons and redirect its operations," commented Mr. Larry
Moskowitz, Chairman and CEO of XRXH. "Instead of starting from
scratch by creating a stand-alone real estate division, XRXH will
turn to Ameriscott as a means of investing in an industry that we
believe shows great promise."
As a wholly owned subsidiary, Ameriscott will seek to raise its
own investment capital and grow its business. Ameriscott, headed by
Mr. Scott Siegel, is engaged in the business of buying distressed
homes for cash and reselling them. Mr. Siegel got the idea and
formed the company three years ago after seeing a gap in the market
place for the purchase and resale of distressed homes. Currently,
there are only a few business competitors engaged in this niche
sector of the real estate market, such as We Buy Ugly Homes™
(www.webuyuglyhomes.com). Mr. Siegel is no stranger to Wall Street,
having successfully built, managed and sold a wholesale/retail
first aid supply business, First Aid Direct™. The company was
ultimately acquired by Cintas™ CTAS, traded on NASDAQ
(www.cintas.com).
"I am excited to be back in the public marketplace and look
forward to the challenge," commented Mr. Scott Siegel. "The
acquisition reflects XRXH's commitment to have a hand in the real
estate marketplace and enter into this particular market sector. In
light of the investment of time and developmental expense it would
be for XRXH to build its own company and brand as a start-up, we
believe this agreement is timely and we are pleased for Mr. Siegel
to join the XRXH family," said Larry Moskowitz, XRXH's Chairman and
C.E.O.
Except for historical information contained herein, the matters
discussed in this press release contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), that involve
substantial risks and uncertainties. Actual results, performance,
or achievements could differ materially from those contemplated,
expressed, or implied by the forward-looking statements contained
herein. These forward-looking statements are based largely on the
expectations of XRXH (the "Company") and are subject to a number of
risks and uncertainties that are subject to change based on factors
which are, in many instances, beyond the Company's control. These
forward-looking statements are based on various assumptions and
involve substantial risks and uncertainties, including, without
limitation, those relating to the proposed acquisition, the
financial and operational prospects of Ameriscott, the potential
benefits of the acquisition, and the risk that the acquisition may
not be consummated in accordance with the contemplated terms, if at
all. The Company cautions that the foregoing risks and factors are
not exclusive.
XRXH Investor Relations Neal Moskowitz 954-461-8166
neal@xrxholdings.com
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