Business
PM&E, Inc. Announces Tentative Strategic Acquisition & Provides Company Update
PM&E, Inc. Announces Tentative Strategic Acquisition & Provides Company Update.
About this update from Pm&e Inc
[{"type":"text","content":"\n \n \n PM&E, Inc. Announces Tentative Strategic Acquisition & Provides Company Update\n \n \nPM&E, Inc. Announces Tentative Strategic Acquisition & Provides Company Update\n \n CHEYENNE WY and SOUSSE, TUNISIA--(Marketwired - Mar 1, 2017) - Aircraft manufacturer PM&E, Inc. (OTC: PMEA) announced today that they are in negotiations with an existing Aircraft Manufacturer and expect this company to join the PM&E, Inc. corporate family as part of a strategic acquisition.\n Chairman Khaled Akid stated, \"We are pleased to announce today that PM&E, Inc. has initiated serious discussions with an existing Aircraft Manufacturer. The plan is for PM&E, Inc. to take a majority stake in the company through an acquisition that is expected to be completed within the next 60 days. The resources and expertise available to PM&E as a result of this acquisition will serve the company well as we build out our company. This is a fantastic group of business professionals that will bring a lot to the table and we could not be more pleased with what has transpired to date.\"\n Mr. Akid continued, \"Joseph has stated from day one that we are building a company of integrity and will always ensure that we are as transparent as possible with our shareholders. With that in mind, we'd like to inform everyone today that we are in communication with our Lawyers to terminate the Letter of Intent finalized with DiNelly Distribution, Ltd, which as it turns out was legally dissolved as an operating entity on December 29, 2015. The lack of transparency in the original negotiations does not align with the type of company that we have in the works and therefore, all operations and communications with DiNelly will cease immediately, our Lawyers are assessing and evaluating the damages caused to us and rest assured that we will act in the best interest of all our shareholders\"\n Mr. Akid finished up with, \"For those who wish to know the details concerning the manufacture and production of the EVADA aircraft, let me be clear: We have reached 65% of the conceptual work necessary to get the EVADA aircraft into production. With the 10 million US, we plan to use 500K to complete the prototype, 3.5M to invest in a planned manufacturing facility and have set aside the remaining funds for strategic acquisitions. In the meantime, we are util...