December 10, 2008 at 08:49 AM EST
American Commerce Solutions, Inc. Reveals Acquisition Details
BARTOW, FL -- (Marketwire) -- 12/10/08 -- American Commerce Solutions, Inc. (OTCBB: AACS) today revealed more details about current acquisition negotiations.
President and Chief Executive Officer, Daniel L. Hefner, today stated, "Acquisition negotiations are ongoing and active with three companies currently. If successful in acquiring all three of these operations, the new companies are expected to provide substantial manufacturing contracts and accompanying funding. Specifics about the ongoing negotiations will remain confidential until a reportable event is recorded, but certain details may be made known."
Hefner continued, "Two of the companies are in the same general fields of current operations. One is a construction equipment service provider to both commercial and residential contractors. The other is a machine shop that specializes in down hole parts for the gas and oil industries. The customers serviced are companies such as Haliburton and Williams to name a few. The third company being considered is intended to create a new division and revenue stream. At the same time, it will provide much needed service to our existing operating entities. This company is an Internet Technology (IT) consulting company headquartered in Tampa, Florida. The current revenue of the three companies exceeds $3.5M and all are profitable. Our plan is to increase shareholder value through internal growth, acquisition and strategic partnerships. We remain confident that we will successfully complete the current negotiations, as well as continue to expand the relationship with American Fiber Green Products, Inc. Our current operating subsidiaries, International Machine and Chariot Manufacturing Company continue to provide a substantial foundation for growth."
Hefner set no expectations for share price, instead stating that he expected to have a positive investor response to as exposure and awareness grow.
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 which includes Chariot Trailers and the AFG job shop. The ACS website, www.aacssymbol.com highlights the IMW operation and links to the Chariot website, www.chariot-trailer.com.
American Commerce Solutions, Inc. is also a Strategic Partner to American Fiber Green Products, Inc., www.americanfibergreenproducts.com, AFGP has a patented process for recycling fiberglass for which there is a worldwide, pent up demand.
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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