Free Flow, Inc. (FFLO) Acquires Pharmaceutical Business
Free Flow, Inc. Announces Strategic Acquisition Move
Free Flow, Inc. (FFLO), incorporated in Delaware as Free Flow USA, Inc., has made significant strides in its strategic direction by entering into a Letter of Intent (LOI) to acquire an over-the-counter pharmaceutical wholesaler and contract manufacturer. The target company recorded gross revenues of $4.4 million in the last year and is projected to generate approximately $7 million in revenue for the current year.
Details of the Acquisition
As part of this acquisition, the targeted company will be a wholly-owned subsidiary of Free Flow. This move is anticipated to become a primary focus of the company’s operations, alongside potential future acquisitions within the pharmaceutical sector. Free Flow is also exploring the potential to acquire another company that boasts annual sales exceeding $70 million.
Financial and Regulatory Considerations
The LOI stipulates that an independent business valuation and audit must be conducted, complying with the Securities and Exchange Commission regulations. This process is expected to take around 90 days; however, allowances for extensions are included to ensure thorough due diligence.
Implications for Customer Base
The initial acquisition target reportedly has an established customer base that includes over twenty pharmaceutical, food, drug, and mass retailers. Further details regarding the acquisition and the specific nature of its operations will be revealed closer to the closing date.
Leadership Changes at Free Flow
In alignment with the company’s evolving focus, Free Flow has appointed Dr. Ravinder Tikoo, a board-certified neurologist, as the new chairman of the board. This leadership change positions Dr. Tikoo to contribute valuable insights as the company maneuvers through its new business direction. CEO Sabir Saleem and independent director Shah Wali Khan will continue to play pivotal roles on the board, collaborating with Dr. Tikoo.
Background of Dr. Ravinder Tikoo
Dr. Tikoo has an impressive academic and professional background, holding a BS in Chemistry and Biochemistry from the University of Iowa, where he also obtained his medical degree in 1991. His medical expertise is further highlighted by internships and fellowships in neurology at esteemed institutions, making him a significant asset for Free Flow as they expand into pharmaceuticals.
Future Outlook for Free Flow, Inc.
A Current Report on Form 8-K will soon be filed with the Securities and Exchange Commission detailing Dr. Tikoo's appointment. Mr. Saleem expressed enthusiasm for Dr. Tikoo’s role, stating that his extensive medical experience will be instrumental in guiding the company through the initial acquisition phase and helping to identify additional opportunities in the pharmaceutical market.
Corporate Headquarters Update
In addition to these exciting developments, Free Flow has amended its Articles of Incorporation to reflect its new name, Free Flow USA, Inc., effective recently. The company has also established a new corporate headquarters, marking a fresh chapter in its operational landscape.
About Free Flow, Inc.
Free Flow, Inc. is dedicated to creating and acquiring subsidiaries with a vision of maximizing shareholder value through sustainable growth. Currently involved in the scrap metal processing and operating salvage yard business, the company is now strategically pursuing initial and subsequent acquisitions in the pharmaceutical industry.
Frequently Asked Questions
What is the recent acquisition by Free Flow, Inc.?
Free Flow, Inc. has announced an agreement to acquire a pharmaceutical wholesaler, aiming to expand its operations in the pharmaceutical sector.
Who has been appointed as the new chairman of Free Flow, Inc.?
Dr. Ravinder Tikoo has been appointed as the new chairman of the board at Free Flow, Inc., bringing extensive medical expertise to the leadership team.
What are the projected revenues for the company being acquired?
The target company reported gross revenues of $4.4 million in the prior year and is projected to generate around $7 million in the current year.
What regulatory steps are involved in the acquisition process?
The acquisition process includes an independent business valuation and audit as required by Securities and Exchange Commission regulations, expected to be completed within 90 days.
What is the focus of Free Flow, Inc. moving forward?
Free Flow, Inc. is shifting its focus towards acquiring businesses in the pharmaceutical sector to enhance shareholder value and promote long-term growth.
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