Business
Aluf Holdings, Inc. Enters Into Non-Binding Letter of Intent to Acquire Communications and Information Technology Company Serving Commercial and Government Markets
Aluf Holdings, Inc. Enters Into Non-Binding Letter of Intent to Acquire Communications and Information Technology Company Serving Commercial and Government Markets.
About this update from Aluf Holdings, Inc.
[{"type":"text","content":"\n FORT LAUDERDALE, Fla., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc. (\"AHIX\") (\"Aluf\") (OTC PINK: AHIX) is a holding company headquartered in Fort Lauderdale, FL, engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software, today announced the execution of a non-binding Letter of Intent to acquire a privately held, communications and information technology company. The LOI forms the basis of an agreement which, if consummated, is consistent with the Company`s strategic plan to aggressively achieve profitability and growth through insightful value-added mergers and acquisitions. There are several steps outlined in the LOI, and after completion of satisfactory due diligence, a definitive agreement will be executed. A definitive agreement is currently under review by corporate council. Subject to the acceptance of the definitive agreement, closing is expected to take place on or before December 31, 2021. Transaction Highlights The founders have over 40 years’ experience and have developed long term relationships within the Communications and IT community and will remain with the Company for a period of not less than 5 years after closing. The Company operates in a cash flow positive position with projected year over year growth expected to result in a valuation of over $25M by the end of year three. The Terms of the Letter of Intent contemplate a total consideration for this transaction of $12M which includes issuance of restricted common stock and short-term seller financing in the form of an unsecured promissory note. About Aluf Holdings, Inc.: Aluf Holdings, Inc. is a publicly traded holding company whose core competency is to strategically acquire, manage and propel technology companies into the future. Our core focus is the Biometric, Cybersecurity, Blockchain, and Software/Hardware verticals. For more information go to www.aluf.com Safe Harbor Statement: This release includes \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performa...