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SOURCE Readen Holding Corp.
HILVERSUM, Netherlands, March 5, 2013 /PRNewswire/ -- READEN HOLDING CORP. (OTCPINK:RHCO) announced the signing of a Letter of Intent for a revolutionary $200 Million Dollar Acquisition.
This acquisition enables the Company to participate in a multi-billion dollar growing industry.
While Readen Holding is in the process of becoming a major participant in the telecom industry, the Company has signed a preliminary acquisition contract for the purchase of 100% of the shares of GRS CAPITAL GROUP, an investment organization currently structured as an Investment Company of transition metals and copper isotopes.
Readen Holding Corp. (RHCO.pk) is a telecom product wholesale and distribution organization which started wholesaling different precious metals last year to be used by Computer hardware as well as telecom Manufacturers and the medical industry. The Company completed its first transactions in this business last year and realized the high demand, even by its own finished product suppliers. It was decided to expand this trade by acquiring and merging GRS Capital Group with the Company, which will increase revenue tremendously and provide us with valuable know-how of the transition metals Industry.
To date, GRS Capital Group has been taking stock positions of large quantities of tantalum and copper isotope. RHCO will change the business scope of the organization to focus on becoming a main supplier to electronics manufacturers and the medical industry.
Until recently, RHCO has limited its involvement in this industry to supplying research and development companies and manufacturers in China.
With this merger the Company has created a specialized division to act as the trading partner for all major manufacturers and research organizations throughout the world.
This transaction will add a net asset value to RHCO's balance sheet of $200 Million Dollars, based on the inventory acquired, calculated with a discount to market value calculated by utilizing the current pricing of the Oak Ridge national Laboratory in Tennessee, USA price (a leading supplier in the industry of Isotopes). The total inventory position acquired exceeds One Billion Dollars in material based on testing performed and validated under IGAS quality standards.
The acquisition is being done as a result of a $100 Million Dollar loan from Readen's management, the issuance of a $95 Million Dollar convertible note to three third parties and the issuance of 100 million RHCO shares under rule 144 to GRS Capital Group's shareholders and creditors.
Ronald Steenbergen, Readen Holding Corp's Chairman, states,
"We have been working for the past 10 months to realize this acquisition and to structure the financial commitment. We are delighted to add this professional, profitable and fast growing division to our Group. Our goal is to expand this new division with additional products utilized in the same industry: Tantalum, due to the rapidly growing pc and telecom industry, and the Isotope, due to ongoing research in the medical industry. With the stable growth and consistent demand of both product lines, our new division will focus on improving the product quality of tantalum and copper isotope, acquiring additional advanced materials and increasing our revenue and profits.
It is anticipated that this acquisition will tremendously boost our shareholder value and increase the level of our organizations performance and value."
For more information please check the Group's websites:
Readen Group's mission statement is to be a valuable partner for customers in terms of technical flexibility, quality and competitive pricing through the complete value chain (SIM cards, mobile phones and applications).
This press release may contain forward-looking statements, including, but not limited to, statements regarding Readen Holding Corporation and its plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Readen Holding Corporation's postings on the OTC Markets Disclosure &; News Service and future filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Readen Holding Corporation undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
Readen Holding Corp.
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