NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management Inc. (OTC Pink:WSML) (“WSML” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the "LOI") for the acquisition of Turner Wright Limited, a Nigerian-based pharmaceutical firm, in a stock-swap transaction subject to the approval by both companies of definitive documents and the achievement of certain other milestones.
The acquisition anticipated by the LOI is the result of a process initiated following WSML's strategic review announced a few months ago. If consummated, WSML will own 70% of the outstanding shares of Turner Wright Limited. The due diligence process has already started and the transaction is expected to close in July. https://www.youtube.com/watch?v=PKwDto_Q50k
Kent Clark, Chairman & CEO of Williamsville Sears Management Inc., stated, “Today we are welcoming one of our newest subsidiary partners Turner Wright Limited to the Williamsville Sears Management Inc. family. The products Turner Wright Limited bring to our diverse portfolio continues to show our commitment to the higher quality of life to those we serve every day. I look forward to a long and prosperous partnership now and into the future.”
Dr Tunde Lawal, Founder & CEO of Turner Wright Limited stated, “It is a pleasure to welcome WSML into our world. We are not only excited about the acquisition of a substantial equity in our company by an institution the caliber of WSML, we are thrilled by the opportunity presented by the transaction to up our game in areas where we hitherto had limitations. With the consummation of the deal, Turner Wright shall carry through its import substitution plan by acquiring bigger capacity for local manufacture, thereby maximizing its potentials in the national, sub-regional and even continental and intercontinental market space in its areas of core competence. It is indeed a heart-warming development.”
About Williamsville Sears Management Inc. Williamsville Sears Management is a diversified holding corporation that was formed by Mandla J. Gwadiso. The group operates its own assets through a range of subsidiary companies up under its purview. The group’s primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.
Williamsville Sears Management actively seeks a select portfolio of high-calibre strategic subsidiaries which it acquires based on market trends and their ability to deliver strong returns to shareholders whilst enhancing the communities in which the investments are located. http://www.williamsville.us/
About Turner Wright Ltd
Turner Wright Limited was incorporated in 1997 with its main objectives being, amongst others, to engage in the manufacture, production, distribution and marketing of all kinds of animal health pharmaceuticals and biologicals. It is also in the business of importation and exportation of pharmaceuticals, biologicals and acting as manufacturer’s representatives for animal health, animal nutrition and biosecurity products.
From its Head Office in Lagos, Turner Wright serves its customers scattered across the length and breadth of Nigeria and indeed the West Africa sub region through a very vibrant network of veterinary and allied professionals. The feedback of this relationship is trust and the result is that brands promoted by the company serve as the industry gold standards in its markets.
Forward-Looking Information: Cautionary Note: The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
