American Career Centers, Inc., has set February 5, 2002 as the date to finalize the acquisition of Water Star Bottling, Inc.
The companies signed a definitive agreement for the purchase of Water Star Bottling, Inc., in a stock for stock exchange on January 18th and is now ready to close the transaction as soon as possible with February 5, 2002 as the target date.
Mr. Thomas Krucker, President of ACCI, stated: "The parties and their professionals have worked diligently to quickly complete all of the requirements of the closing. . . . We believe that the combined companies will benefit from the combined management teams, the solid track record of sales growth. Attaining the benefits of being a public company status for Water Star and strong industry trends should provide an excellent opportunity to build shareholder value for our ACCI shareholders."
The terms of the transaction call for a number of requirements to be met before the final closing, which is now anticipated to occur on February 5, 2002. Even though the parties have spent considerable time to agree on the terms and conditions and have prepared for the closing of the transaction, there are still documents to be completed and filed before the final closing. Therefore, there cannot be assurance that this transaction will be completed on the date set, if at all. Additionally, the terms and conditions of the final agreement could vary from those detailed in the Definitive Agreement.
Source: American Career Centers, Inc.