CONROE, TX, Feb. 9 /PRNewswire-FirstCall/ - AGR Tools, Inc. (OTCBB: AGRT) is pleased to announce that AGR Stone & Tools USA, Inc., with which AGR Tools, Inc. has entered into a binding share exchange agreement, has exceeded its recent distribution growth plans by adding five new dealerships to its network. Starting with just 11 dealerships in 2008, the company currently has 25 distributor locations throughout the United States and Canada.
"Due to the overwhelming interest in our stocking dealer program, we have experienced a rapid increase in our distribution network," noted Rock Rutherford, the CEO of AGR Tools, Inc. and AGR Stone & Tools USA, Inc. "Each location represents what I expect will be a minimum of $150,000 in annual sales and an average volume of $600,000 per distributor. Our goal by the end of 2010 is to have 63 dealers in our network which will represent an average of $37.8 million in annual sales."
A stocking dealer of AGR Stone & Tools USA, Inc. must become familiar with over 200 of the more than 700 consumable diamond tool products available from the company's product line during its initial training, and is required to increase its knowledge in connection with any increase in customer base. Each location caters to the natural stone, concrete, building maintenance, masonry, tile, flooring and engineered stone markets by offering superior quality tools and excellent local customer service. "Our dealers are strategically located throughout North America and are the catalyst to the success of our company," added Rutherford. "By offering a full warranty on all of our products, excellent customer service and quality consumable tools, we are positioned to capture our goal of 25% of the diamond tooling industry."
About AGR Stone & Tools USA, Inc.
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AGR Stone & Tools USA, Inc. is celebrating its 27th year as a leading diamond tool manufacturer and distributor specializing in producing consumable tools for the natural stone, engineered stone, concrete and masonry industries, and its goal is to provide its clients with superior quality products, excellent customer service and the most competitive prices in the diamond tooling industry. The company has completed extensive research and testing, and uses the latest technologies to assure it is at the forefront of the diamond tool industry. The company also employs some of the world's top scientists, engineers and metallurgists to produce the highest quality diamond tools for the construction industry.
On October 29, 2009, AGR Tools, Inc. and AGR Stone & Tools USA, Inc. entered into a binding share exchange agreement. See AGR Tools, Inc.'s November 2, 2009 Current Report on Form 8-K regarding the share exchange agreement with AGR Stone & Tools USA, Inc. for details on various conditions which must be met before the share exchange between the two companies closes. There can be no assurance that the share exchange will close. AGR Tools, Inc. must issue 46,186,516 shares of its common stock to the current shareholders of AGR Stone & Tools USA, Inc. in order to complete the share exchange. Accounting for the anticipated cancellation of 25,000,000 shares of its common stock, upon the closing of the share exchange AGR Tools, Inc. will have 81,186,516 shares of common stock issued and outstanding.
More information on AGR Stone & Tools USA, Inc. can be found at: www.agrtools.com
Forward-Looking Statements:
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Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See AGR Tools, Inc.'s filings with the United States Securities and Exchange Commission which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE AGR Tools Inc.
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