SLOAN ELECTRONICS ANNOUNCES RTI GLOBAL, INC. ACQUISITION TARGET
James Marquis to Join Board; Barrington University Online Deal with a Province of China.
SARASOTA, Fla., March 24 /PRNewswire/ -- Sloan Electronics, Inc. (OTC Bulletin Board: SLEL) announced three news items regarding its
business.
First, the Company has undertaken to acquire RTI Global, Inc. RTI
provides electronic publishing solutions that improve the productivity of commercial printers and publishers. They presently generate over $1.75 million annual revenues with substantial profits. "RTI will assist the vertical integration of Sloan's electronics business and adds management familiar with operating a successful electronics concern," said Larry Provost, Chairman of Sloan. "Closing any of the transactions we are working on will substantially increase the revenues and profits of Sloan."
Sloan also announced that James Marquis has agreed to become a board
member. He is Vice President and Director of Kimchuk, Inc., a privately held company that operates a 100,000 square foot electronics manufacturing facility in Connecticut and grosses $20 million annually. "Adding high powered management to our company will allow us to gain increased exposure and credibility for our goal of rapid acquisitions," said Paul Sloan, President.
Finally, regarding Sloan's internet business, Barrington University,
part of Sloan's previously announced acquisition of IEG Holdings,
reports a promising transaction with China estimated to add as much as nine hundred thousand dollars in annual revenues. Barrington executed an agreement to be the exclusive online distance learning school for China's Hubei Province, which has a population of nearly seventy seven million. Barrington believes that it is the only internet company to have such an exclusive governmental arrangement. In addition, the Hubei University has approved Barrington University to provide online courses in both English and Chinese.
Forward-Looking Statements: This news release contains certain
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which provides a new "safe
harbor" for these types of statements. To the extent statements in
this news release involve, without limitation, product development and introduction plans, the Company's expectations for growth, estimates of future revenues, expenses, profits, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the Company's product categories and for the industries in which the Company operates, or any other guidance on future periods, these statements are forward-looking statements. The Company assumes no obligation to update forward-looking statements.
SOURCE Sloan Electronics, Inc.
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