American Commerce Solutions, Inc. Reaches Agreement in Principle for the Acquisition of a Revenue Generating Company
Posted on November 24, 2008 at 07:00 AM EST
BARTOW, FL -- (Marketwire) -- 11/24/08 -- American Commerce Solutions, Inc. (OTCBB: AACS) today announced that the Company's progress in negotiations for the purchase of a cash flow positive firm has culminated in an agreement in principle by both organizations.
On October 10, 2008, AACS announced plans for a new division through acquisition by stating, "The acquisition currently being negotiated brings revenue, improved cash flow, profitability and explosive growth potential."
Daniel L. Hefner, Chief Executive Officer, today stated, "As previously announced, I have been in negotiations to acquire an existing company to form the beginning of a new division for AACS. Considerable progress has been made which has lead to an agreement in principle. Hence, we continue to work towards a binding letter of intent and definitive agreement over the coming days."
According to Mr. Hefner, "American Commerce Solutions, Inc. seeks to take advantage of today's turbulent economic conditions which have presented several potentially lucrative business opportunities. These opportunities offer the ability to diversify the revenue streams from its two subsidiaries, making the most of AACS's own flexibility and innovation while enhancing the bottom line."
The acquisition of this company will cost-effectively create a new division and generate a whole new revenue stream. "By acquiring this organization, AACS can build on the balance sheet and increase revenues and profits," stated Mr. Hefner. "The new company already has a solid monthly sales base; is already profitable; and comes with strong management to be paid from its current revenues. This experienced management will bring needed expertise to AACS's current operations and is a tremendous complement to our current management team. This is an exciting step forward and I expect the synergies between the two operations to shift our business into a higher gear."
About American Commerce Solutions, Inc (OTCBB: AACS):
American Commerce Solutions, Inc. is a multi-industry holding company. ACS currently has wholly owned subsidiaries International Machine and Welding, Inc. and Chariot Manufacturing Company. The ACS website, www.aacssymbol.com highlights the IMW operation and links to the Chariot website, www.chariot-trailer.com
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.
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