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Enviro-Serv, Inc. Secures Binding LOI for Acquisition of Termite Fumigation Company; Deal to Close Before End of August 2014
Enviro-Serv, Inc. Secures Binding LOI for Acquisition of Termite Fumigation Company; Deal to Close Before End of August 2014.
About this update from Enviro-serv, Inc.
[{"type":"text","content":"\n \n \n Enviro-Serv, Inc. Secures Binding LOI for Acquisition of Termite Fumigation Company; Deal to Close Before End of August 2014\n \n \nEnviro-Serv, Inc. Secures Binding LOI for Acquisition of Termite Fumigation Company; Deal to Close Before End of August 2014\n \n TAMPA, FL--(Marketwired - Apr 10, 2014) - Enviro-Serv, Inc. (OTC: EVSV), which targets highly profitable small service companies in the commercial and residential property maintenance industry, is pleased to announce that the LOI announced earlier this week, has been effected as Binding on both parties pending Due Diligence (DD), which has commenced and is to be completed by May 7, 2014. \n The target acquisition reported $518k in sales in 2011, $693k in 2012 and $950k in 2013, with $1.1m projected in 2014. As well, current management will stay on board to ensure a seamless transition with solid potential for sustainable growth. \n \"This is truly exciting,\" states EVSV CEO Chris Trina. \"Here we have a company doing nearly $1m in revenues last year with projections for incremental increase in profits for the foreseeable future. The company has doubled its revenues in a mere two year period which is what attracted me to this deal in the first place.\"\n \"The deal includes $100,000 of materials and equipment; even though the total purchase price is $850,000 in my opinion we are truly getting the business for the $600,000 cash down payment. The balance will take care of itself over time if we decide not to prepay it. By no means am I stealing this company but it's one heckuva fair deal that's for sure. I am not sure if our shareholder's or investor's realize but over $500 million is spent annually to control and repair damages done by termites in Florida alone.\" \n He adds, \"The acquisition marks a significant benchmark in the company's overall growth and I'm thrilled to have worked tirelessly on behalf of shareholders to bring us to this point. I will continue to work diligently to build shareholder value.\" \n In addition to both parties amending the LOI as binding, both parties have agreed to work aggressively to expedite the deal toward mutual benefit. Once DD is satisfied, EVSV will remit a non-refundable deposit on the deal of $42,500 toward the total purchase price of $850k. The $42,500 is already escrowed and available for Enviro-Serv in their bank acco...