American Commerce Solutions, Inc. Signs Acquisition Agreement
Thursday August 14, 11:22 am ET
BARTOW, Fla., Aug. 14 /PRNewswire-FirstCall/ -- American Commerce Solutions, Inc. (OTC Bulletin Board: AACS - News) today announced that the first acquisition of fiscal 2003-2004 has been formalized in a Letter of Intent with a closing on or before the 15th of September 2003.
President and Chief Executive Officer Daniel L. Hefner today announced that American Commerce Solutions, Inc. has agreed to terms to purchase 28- year-old Chariot Manufacturing Company, Inc. of Oldsmar, Florida. Chariot trailers have long been referred to as "the Cadillac of motorcycle trailers," according to Hefner.
"This is a most exciting day for American Commerce Solutions, Inc. We have waited patiently for just the right opportunity to present itself and we believe this is a great place to start our acquisitions. This company very much fits our business plan profile. That is, a 'baby-boomer' that has built a successful, vibrant business, looking for an exit strategy. We will continue to build in the tradition of excellence established by Robert D. Hott Jr., President and founder of Chariot Manufacturing Company, Inc. Bob has built a reputation for providing a product that commands respect from motorcycle enthusiasts nationwide. We are happy to announce that Bob will remain with us under a consulting agreement," Hefner stated.
American Commerce Solutions, Inc. has previously announced that it was pursuing business opportunities in the fiberglass industry.
"Our intention is to continue to negotiate for the acquisition of additional opportunities in the fiberglass industry. We will not focus solely on the manufacturing of fiberglass products. The more significant announcement will be the day we stake our claim in the fiberglass recycling industry. The negotiations continue and a breakthrough announcement could come in a matter of weeks. In the meantime, we will continue to pursue opportunities in related fields," Hefner continued.
Privately held Chariot Manufacturing Company, Inc. has had revenue in excess of $1.1 M in prior years and is expected to match that revenue within twelve months after relocation and retooling. Chariot trailers are sold both on a retail level and through a network of dealers across the country. Expansion of that dealer network is a significant part of the growth strategy, according to Mr. Hefner.
Chariot Manufacturing Company, Inc. has a website at www.chariot-trailer.com for those that desire to see the product line.
Hefner stated that the purchase did not require the issuance of any common stock or options. Cash and preferred stock at a stated value will be used for the acquisition.
"Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from those expressed in the forward- looking statements, including but not limited to, certain delays and risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
Source: American Commerce Solutions, Inc.American Commerce |
