Simex Technologies, Inc. Announces Signing of Letter of Intent with Vendor Leasing Financial Services, Inc.
THURSDAY, JULY 05, 2001 10:08 AM
- BusinessWire
ATLANTA, Jul 5, 2001 (BUSINESS WIRE) -- SIMEX Technologies, Inc. ("Simex") announced today that it has signed a Letter of Intent, subject to a definitive agreement, to acquire the assets and of Vendor Leasing Financial Services, Inc. ("Vendor Leasing") in Alpharetta, GA.
Under the terms of the Letter of Intent, Mr. Joel N. Addison, the President and founder of Vendor Leasing, will be elected to the Board of Directors of SIMEX and will continue as the President of Vendor Leasing upon completion of the transaction.
The closing is scheduled to occur on July 31, 2001, and is contingent upon a standard due diligence review by the parties.
"Vendor Leasing's acquisition will be another positive step in the continued growth of SIMEX," stated Kjell Jagelid, President and CEO of SIMEX. Mr. Jagelid added, "This acquisition will give SIMEX the opportunity to expand the services that SIMEX provides in the oil and gas services industry by allowing SIMEX to offer international financing of oil and gas related equipment."
SIMEX is a diversified technical contractor, engineering and service company. The company performs design, engineering, fabrication, production, installation and maintenance services on commercial projects for the offshore oil and gas industry and for onshore commercial, industrial and government projects. In addition, the company is engaged in concrete post-tensioning construction for offshore oil and gas drilling platforms, bridges and other related concrete construction projects and offers integrated contract services for heating, ventilation, and air conditioning systems. The company's wholly-owned subsidiary, SIMEX A/S, is a fully-certified civil engineering firm based in Stavanger, Norway.
All statements other than statements of historical fact included in this press release are, or may be deemed to be, forward-looking statements within the meaning of the Securities Exchange Act of 1934. Actual results may differ materially from those discussed in such forward-looking statements. Typical risks and uncertainties include, but are not limited to, the general strength or weakness of the company's industry, the demand for its services, the number and size of projects completed in any given period, international and domestic economic conditions, interest rate and currency exchange rate fluctuations, our ability to manage growth effectively, retention of our professionals and other factors described from time to time in Simex's reports filed with the Securities and Exchange Commission. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only of the date made. Simex is not undertaking to update any information in foregoing reports until the effective date of its future reports required by the securities laws.
CONTACT: SIMEX Technologies, Inc.
Kjell Jagelid, 770/642-7973
or
International calls: 011 47 926 23703 |
