AACS.039weeks alert.According to Mr. Hefner, 28-year-old Chariot Manufacturing Company, Inc. will be
acquired on or before September 15, 2003 if all continues to move forward in due
diligence.
CEO says,Many are continuing to
accumulate our undervalued stock in anticipation of substantial gain as the
company implements its business plan. We believe that they will be rewarded for
their confidence in sound business practices.
(COMTEX) B: American Commerce Solutions, Inc. Updates Acquisition Strategy
B: American Commerce Solutions, Inc. Updates Acquisition Strategy
BARTOW, Fla., Aug 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- American
Commerce Solutions, Inc. (OTC Bulletin Board: AACS) today released an update on
its previously announced and planned acquisitions.
Citing an onslaught of investor inquiry via e-mail and telephone about the
status of the company's acquisition plans, Chief Executive Officer and President
Daniel L. Hefner today opted to make a release of general information. Hefner
stated, "I have been quite surprised by the number of inquiries that I have
received about the company's business plan in light of the acquisitions that we
are pursuing. Our investors have expressed cautious optimism that the acquired
companies could provide the needed broadening of the revenue base that will
spread the overhead burden and bring the company's consolidated financial
statement into the black during this fiscal year. Many are continuing to
accumulate our undervalued stock in anticipation of substantial gain as the
company implements its business plan. We believe that they will be rewarded for
their confidence in sound business practices.
"The question of greatest interest seems to be, 'How can you make acquisitions
with your stock trading at these low levels?' The simple answer is that we are
not negotiating with common stock at this level. Our current negotiations
involve payment in the form of cash, stated value preferred stock (at multiples
of our current share price), employment contracts and earn up provisions for
management that is retained. With the proper blend of these payment options, we
can reap the benefits today and pay with future value dollars," Hefner said.
Continuing, Hefner went on to say, "We have recently seen an influx of investors
that have taken a great interest in the company. I am hearing them state how
'refreshing' it is to have news releases that aren't just hype. They seem to be
enamored with the fact that, for a Bulletin Board company, we are following a
sound business plan and philosophy. Streamlined operations, consistently
reducing balance sheet debt and a plan to acquire synergistic and geographically
manageable companies strikes a positive chord, it seems."
According to Mr. Hefner, 28-year-old Chariot Manufacturing Company, Inc. will be
acquired on or before September 15, 2003 if all continues to move forward in due
diligence.
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.
CONTACT: Daniel L. Hefner, President and Chief Executive Officer of
American Commerce Solutions, +1-863-533-0326
(AACS)
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KEYWORD: Florida
INDUSTRY KEYWORD: OTC
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