FBCD Releases Additional Information Regarding Acquisition Prospect
NEW YORK, May 16, 2013 /PRNewswire/ -- (OTCQB: FBCD) FBC Holding, Inc. would like to update its shareholders on recent events.
FBCD has been proceeding with its due diligence investigations of two companies with which Letters of Intent have been previously announced.
Frank Russo, CEO of FBCD stated that, "Our due diligence is proceeding according to plan with both entities. The first target that we announced has been operating for 14 years and last year generated $1.3 million in revenue and had an adjusted EBITDA close to $200,000. In one recent year not too long ago, the company earned revenues in excess of $3 million. The company is a provider of used and refurbished machinery utilized in the PCB (Printed Circuit Board) and SMT (Surface Mount Technology) industry. The PCB/SMT is one of the sectors of the $2.17 trillion global electronics industry(1). Of course, the most attractive characteristic of this particular transaction is that the company is profitable, however it also has the characteristics that we seek in evaluating companies for incorporation into FBC, those characteristics being revenue producing, high gross margins and low DSO and CapEx.
"This is an important transaction for FBC and all parties are working diligently to proceed to a closing. We still have a lot of work to do , so we are continuing to watch for other opportunities as nothing is accomplished until the deal is closed."
(1) IPC, Inc.
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