Clear System Recycling Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Clear System Recycling Inc Announces Memorandum of Understanding to Acquire CI Holdings, Inc.
Clear System Recycling Inc announced it has entered into a Memorandum of Understanding (the MOU) to acquire all the issued and outstanding shares of CI Holdings, Incorporated (CI), an Oregon corporation, the holding company for Chiurazzi Internazionale S.r.l., an Italian Corporation. The MOU is subject to appropriate legal and accounting due diligence, as well as board and shareholder approval, in order to complete a definitive agreement between the parties (the Acquisition). As per the terms of the MOU, Clear System will issue one share of restricted common stock of the Company in exchange for each share of CI Holdings' common stock, and will assume $2,800,000 of debt. The total amount of shares to be issued is anticipated to be 6.6 million common shares of the Company. Clear System will acquire 100% of the issued shares of capital stock and all other rights to acquire capital stock of CI. Clear System expects this transaction to close in October 2012, and its previously announced definitive merger agreement with Masterpiece Investments Corp., to close shortly thereafter. Clear System announced its intent to acquire Masterpiece Investments on August 24, 2012. Following the closing of the Acquisition, the Board of Directors of Clear System will consist of the current Board of Directors of Clear System and Gordon Root as designated by CI. Mr. Root will also serve as the Clear System's Chief Operating Officer upon closing of the Acquisition.
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