HOLLYWOOD, FL / ACCESSWIRE / January 25, 2017 / AL
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Posted On: 01/25/2017 4:17:03 PM
HOLLYWOOD, FL / ACCESSWIRE / January 25, 2017 / ALUF HOLDINGS, INC. (www.alufinc.com) (OTC PINK: AHIX), a holding company engaged in mergers and acquisitions in the development and sale of proprietary software, announced today that the Company has completed all aspects of its due diligence review of the previously announced acquisition target company ("TC"
and, although there can be no assurance that the acquisition will close, the Company will commit the necessary resources to conclude this transaction in the next few weeks. The name of the target will be disclosed on the closing date.
TC is a developer and provider of hardware independent biometric processing software with average annual revenues of approximately $12.5 million during the last three years. The closing of this transaction is expected to significantly increase the Company's revenues by the end of this quarter, not to mention, additional new initiatives to capitalize on TC's capabilities to expand and grow both its domestic and international business.
NEWS NEWS NEWS
Teresa McWilliams, President and CEO of the Company, stated: "With the support from all those involved, we have reached the closing stage. This has required a lot of hard work and cooperation; however, everyone is aware that the real work will begin after closing."
Don C. Bennett, Chairman of Aluf Holdings, added: "We are very pleased at the progress of this transaction and greatly appreciate the support of the TC's management and shareholders who have made this deal possible. We further expect to announce other acquisitions that can potentially add significant value to the Company in the very near future."
and, although there can be no assurance that the acquisition will close, the Company will commit the necessary resources to conclude this transaction in the next few weeks. The name of the target will be disclosed on the closing date. TC is a developer and provider of hardware independent biometric processing software with average annual revenues of approximately $12.5 million during the last three years. The closing of this transaction is expected to significantly increase the Company's revenues by the end of this quarter, not to mention, additional new initiatives to capitalize on TC's capabilities to expand and grow both its domestic and international business.
NEWS NEWS NEWS
Teresa McWilliams, President and CEO of the Company, stated: "With the support from all those involved, we have reached the closing stage. This has required a lot of hard work and cooperation; however, everyone is aware that the real work will begin after closing."
Don C. Bennett, Chairman of Aluf Holdings, added: "We are very pleased at the progress of this transaction and greatly appreciate the support of the TC's management and shareholders who have made this deal possible. We further expect to announce other acquisitions that can potentially add significant value to the Company in the very near future."
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