Redishred Capital Corp. Announces Acquisition of Proshred Charlotte
August 06 2013 - 9:46AM
Access Wire
Redishred Capital
Corp ("Redishred" or "Company") (TSXV: KUT) announced that its
wholly owned subsidiary, Proshred Charlotte Inc., has completed the
acquisition of the Proshred Charlotte business from an existing
franchisee for an aggregate purchase price of $1,300,000. With this
acquisition, Redishred will operate its sixth corporately owned
location under the PROSHRED(R)
banner. PROSHRED(R)
currently has 25 locations in the United States and
5 in the Middle East.
In order to finance
the acquisition, Proshred Charlotte Inc. has obtained loans
aggregating $1,250,000 from a group comprised of members of
Redishred's Board of Directors and their affiliates and associates.
The loans are secured by the acquired assets and are without
recourse to Redishred or its subsidiaries, other than Proshred
Charlotte Inc.
The
PROSHRED(R)
Charlotte business has been servicing the greater
Charlotte area since 2006 and has over 1,200 clients.
Mr. Jeffrey Hasham,
CEO of Redishred had the following comments on the acquisition, "we
at Redishred and Proshred would like to thank Mr. David Wright, our
departing franchisee, for his outstanding client service and for
representing the Proshred brand and system at the very highest
level. Our goal is to continue to service our Proshred clients in
the Charlotte area at this same high standard and build on the
foundation created by David."
Services
Redishred
Capital Corp. is the owner of the PROSHRED(R)
trademarks and intellectual property in the United
States. PROSHRED(R)
shreds and recycles confidential
documents and proprietary materials for thousands of customers in
the United States in all industry sectors. PROSHRED(R)
is a pioneer in the mobile document destruction and
recycling industry and has the ISO 9001:2008 certification. It
is PROSHRED(R)'s vision to be the 'system of choice'
and provide shredding and recycling services on a global
basis.
FOR FURTHER INFORMATION
PLEASE CONTACT:
Redishred Capital Corp.
(TSX.V - KUT)
Jeffrey Hasham, MBA,
CA
Chief Executive
Officer
Jeffrey.hasham@redishred.com
www.redishred.com
Phone: (416) 849-3469 Fax:
(905) 812-9448
or,
Redishred Capital Corp. (TSX.V - KUT)
Kasia Pawluk, CA
Chief Financial Officer
kasia.pawluk@redishred.com
www.redishred.com
Phone: (416) 204-0076 Fax: (905)
812-9448
Note: The TSX Venture Exchange has
neither approved nor disapproved of the information contained
herein.
This news release contains forward
looking statements that reflect the current expectations of
management of Redishred and Redishred's future results,
performance, achievements, prospects and opportunities. Wherever
possible, words such as "may", "will", "estimate", "believe",
"expect", "intend" and similar expressions have been used to
identify these forward looking statements. These statements reflect
current beliefs and are based on information currently available to
management of Redishred. Forward looking statements necessarily
involve known and unknown risks and uncertainties. A number of
factors, including those discussed in the 2012 management
discussion and analysis under "Risk Factors", could cause actual
results, performance, achievements, prospects or opportunities to
differ materially from the results discussed or implied in the
forward looking statements. These factors should
be considered carefully and a reader should not place undue
reliance on the forward looking statements. There can be no
assurance that the expectations of management of Redishred will
prove to be correct.
In
particular, certain statements in this document discuss Redishred's
anticipated outlook of future events. These statements include, but
are not limited to:
-
(i)The
growth in the
Charlotte market, which may be impacted by negative economic
circumstances, industry growth levels and commodity paper prices
which will vary with market conditions.
Readers are
cautioned that such forward looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from these statements. Redishred can give no
assurance that actual results will be consistent with these
forward-looking statements.
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