$NSRI ORLANDO, Fla., Feb. 10, 2020 (GLOBE NEWSWIRE) -- National Storm Recovery Inc. (NSRI) (“National Storm,” “NSRI” or the “Company”) is announcing today that after identifying the significant synergies and strategic benefits involved, as well as months of negotiations, it has acquired the 35 year old industry leader and innovator, Mulch Manufacturing, Inc., an Ohio corporation. This acquisition, structured as a share exchange, provides the Company with a significantly larger footprint in the mulch industry. “With Mulch Manufacturing’s national and international distribution, its sales contracts with many big box retailers and the increase in production and packaging capacity it provides, this strategic acquisition has positioned us as - The Sustainable Green Team,” the Company’s CEO, Tony Raynor, stated. Mulch Manufacturing’s CEO, Ralph Spencer continued, “This business combination has created an industry power house; and with our combined strengths, puts us in an ideal position to increase our sales and resulting margins, as our combined operations benefit from the resulting vertical integration and economies of scale.” “Not only does this transaction make good economic sense, but we both share the same vision and commitment of providing environmentally friendly products to the public, such as Softscape, our next-generation mulch product. The importance of our shared belief that we are “stewards of the environment” should not be understated. National Storm’s strategic partnership with one of the largest waste disposal companies in the country doesn’t just drive revenue while it secures mulch feedstock, the use of this feedstock has the environmental benefit of decreasing the volume of material that would otherwise continue to fill our nation’s landfills; and these are just three more examples of why this business combination makes so much sense,” Spencer added.
National Storm and Mulch Mfg. are each preparing their financial statements for consolidation and publication on OTC Markets for current information purposes, which they intend to publish as quickly as possible. These financial statements are being reviewed not only from a US GAAP compliance perspective, but also so that they are ready to meet the standards required for PCAOB unqualified audit reports.
National Storm and Mulch Mfg. are each preparing their financial statements for consolidation and publication on OTC Markets for current information purposes, which they intend to publish as quickly as possible. These financial statements are being reviewed not only from a US GAAP compliance perspective, but also so that they are ready to meet the standards required for PCAOB unqualified audit reports.
