Semcan Inc. (TSX VENTURE: STT)(“SEMCAN”) proclaims that it has carried out the previously announced (see Semcan press delivery of February 5, 2007) acquisition of the entire shares of Ken-Co Industries Inc. for a spend relate label of $7,500,000, in trade for a cash price of $5,500,000 and $2,000,000 important amount of secured promissory existing. Larry Minaker will proceed as President of Ken-Co.
Ken-Co Industries Ltd. is an car formulation producer and distributor.
Ken-Co’s consolidated atrocious income, constant with Ken-Co’s unaudited financial files, for the six months ended December 31, 2006 modified into $5,350,828.00. In holding with Ken-Co’s December 31, 2006 unaudited financial files, on completion of the acquisition Ken-Co can dangle total operating assets of $4,304,337 less liabilities of $2,959,899. Included within the acquisition of Ken-Co is exact property having an appraised value of $2,915,000 less mortgages of $2,250,000. The working capital projected on closing for Ken-Co. is $1,344,438.
Administration of SEMCAN believes that upon completion of the acquisitions of both the Forward Precision Tools industry (see SEMCAN press releases of February 5, 2007 and March 2, 2007) and Ken-Co, roughly 45.16% of the revenues of SEMCAN over the subsequent twelve months will come from Ken-Co.
SEMCAN is a increase firm rising by acquisitions for the length of the Industrial and Distribution sectors. SEMCAN seeks out effectively managed winning companies that meet sure financial parameters. SEMCAN works with existing management to grow the obtained companies both organically and thru further complementary acquisitions. SEMCAN affords the central finance and administrative functions, permitting operational management to live targeted on bottom line profitability thereby rising shareholder value.
This press delivery contains forward-having a detect statements, which are topic to risks and uncertainties that may per chance cause proper outcomes to fluctuate materially from these location forth within the forward-having a detect statements including the risks related with operations and sales;; and risks related with margins, suppliers and clients and risks related with foreign trade fluctuations, amongst others. These forward-having a detect statements symbolize the Company’s judgment as of the date of this press delivery. The Company disclaims any intent or responsibility to replace these forward-having a detect statements.
The TSX Mission Alternate has neither authorized nor disapproved the contents of this press delivery.
Contacts: Semcan Inc. Phil Jamieson Chairman (905) 564-8665
SOURCE: Semcan Inc.