[b]$FBCD[/b] More news FBC Holding Announces Executed LOI with Tech Company.
NEW YORK, May 6, 2013 /PRNewswire/ -- (OTCQB: FBCD) FBC Holding, Inc. would like to update its shareholders on recent events.
We previously announced that we have begun discussions with several operating businesses with an interest in bringing those entities into FBC Holding. We are pleased to announce that we have executed a Letter of Intent to purchase substantially all of the assets of an East Coast-based provider of used and refurbished machines utilized in the PCB (Printed Circuit Board) and SMT (Surface Mount Technology) industry. The company has been in business for over a decade and has aggregated a sizable network of Loyal small and medium sized business customers.
Frank Russo, CEO of FBC Holding Inc., stated that, "Our company is very fortunate to have a great network of privately held companies to consider and this is one that meets our criteria and will come with revenues, positive cash flow and a great opportunity for expansion. We have had additional meetings with a gold/silver mining company which has multiple projects as well as with the conductive ink company which has an incredible technology with seemingly unlimited applications. Our previously announced LOI with a privately-held IT startup has been terminated but there is no shortage of additional opportunities."
All of these opportunities meet with our management's established criteria of being revenue stage, operating businesses with low DSO and CapEx requirements and short AR turnover. Also these businesses that we are evaluating will be immediately accretive to earnings. These and similar businesses will diversify the company's revenues and form a good base upon which we can grow.
