USA: American Resources Projects 21% Increase In Revenue
American Resources and Development Company today announced its projected financial numbers for the next fiscal year based upon its letter of intent to merge with Royal Avalon SA De CV, a Mexico based apparel manufacturer. Under terms of the deal, the newly merged entity will be renamed royal Pacific Sourcing Company and will continue all present business activities as well as constructing new garment dying and printing facilities at Royal Avalon's manufacturing plants in Mexico.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
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