Clear System Recycling Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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CI Holdings, Inc. Announces Memorandum Of Understanding To Be Acquired By Clear System Recycling, Inc.
CI Holdings, Incorporated (the Company) announced that it has entered into a Memorandum of Understanding (the MOU) to be acquired by Clear System Recycling, Inc. . Clear System will acquire all the issued and outstanding shares of CI Holdings. CI is 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 acquire 100% of the issued shares of capital stock and all other rights to acquire capital stock of CI. CI shareholders will receive one share of CLSR restricted common stock in exchange for each share of CI Holdings' common stock. There are presently 6,600,000 shares of CI stock issued and outstanding. Additionally, Clear System will assume $2,800,000 of debt. The acquisition is expected to close in October 2012.
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