It doesn't get more transparent than this in the pink slips. 22 out of 500 million shares unaccounted for. Here we go again! The resistance at .044 is going to crumble...
Thursday March 9, 1:15 pm ET
NASHVILLE, TN--(MARKET WIRE)--Mar 9, 2006 -- LoftWerks, Inc. (Other OTC:LFWK.PK - News) today announced that its merger with Consultech Construction Management, Inc. and particularly, its subsidiary, Sulja Bros. Building Supplies, LTD., the primary distribution arm of Consultech's midwest operations, has set an initial timeline of 30 days to completion. The move solidifies the certainty of Consultech's imminent migration into the LFWK public vehicle. Sulja Brothers will serve as the centralized and primary distributor of materials for all future projects. A twenty-four year old business, Sulja Bros. has achieved steadily increasing revenues since its inception that now average over $30M annually. The company currently has assets totaling more than $25M. It is projected that once Sulja Bros. settles into its new role, revenues could top out at the $200M+ within twenty-four months. The increased inventory alone could place the company's assets at over $125M.
Also, LFWK disclosed its share distribution; a request by Consultech aimed at providing shareholders as complete a disclosure as possible prior to finalizing the LFWK vehicle takeover. The shareholder ownership as described is as follows:
-- 500,000,000 authorized
-- 100,000,000 control block held by Ammerman
-- 200,000,000 in Treasury earmarked for Consultech ownership during and
after takeover
-- 50,000,000 in certificate form, owned by enumerated insiders and NOT
TRADING.
-- An additional 78,000,000 owned in various certificate and electronic
form that is also held by LFWK insiders and accounted for as not currently
trading.
-- Leaving approximately 72,000,000 free-trading shares in the public
float (50M of which can be accounted for by LFWK management as issued to
non-insiders).
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A spokesperson for Consultech Construction Management concurred with this tabulation and stated that it was an accurate and reasonable reflection of LFWK current share structure.
This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements maybe identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions: "may," "could," "should" or "might occur." Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized. |
