USA: American Resources Projects 21% Increase In Revenue
American Resources expects revenue to increase more than 360% from approximately $4.8 million for the fiscal year ending March 2000, to $22.3 million for the fiscal year ending March 2001. The company believes that the significant increase in revenue, in conjunction with the vertical integration of the Royal Avalon, will bring profitability to both the shareholders and the company.
The present agreement between ARDCO and Royal Avalon calls for ARDCO to issue company stock to Royal Avalon shareholders for the purchase of the business. The deal is contingent on satisfactory due diligence findings, board approvals and execution of a definitive agreement. Management from both companies believe the merger will be consummated by the end of August, 2000. Additionally, ARDCO is presently soliciting additional funding in order to establish screen-printing and garment dyeing at Royal Avalon's facilities as well as increasing T-shirt manufacturing capacity. All key personnel of both companies will remain in place after the merger.
American Resources is an investment holding company that specializes in select consumer products. Pacific Print Works, one of ARDCO's core holding, produces leading-edge screen-printed apparel for corporate accounts, employing over 100 people at its Portland-based operation. Another key holding is Fan-Tastic, Inc, owner of Fan-A-Mania, a franchise chain of retail specialty stores selling licensed entertainment and sports apparel and collectibles.
See the Company website www.ardcoinfo.com for additional details on projected financial performance.
Forward-Looking Statement -- Included in this information are "forward-looking statements" within the meaning of the relevant sections of the Securities Act of 1933 and 1934, as amended. Although the Company believes the expectations to be reasonable, it can give no assurance that such expectations as reflected in these statements will prove to be correct. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including unforeseen sales and expense variations, competitive trends, and other market factors. Additional information on these and other factors that could affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.
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