CONROE, TX, Jan. 11 /PRNewswire-FirstCall/ - AGR Tools, Inc., is pleased to announce that AGR Stone & Tools USA, Inc., with which AGR Tools, Inc. has entered into a binding share exchange agreement, has continued to expand its distribution network by reaching an agreement with a new distributor in Wisconsin. The territory covered by this addition has a population of approximately 5.6 million people and an annual diamond tool market of approximately $45,000,000. Strategically located in Green Bay and Milwaukee, the distribution centers will service the region's general contractors, granite fabricators, concrete contractors, stonemasons, tile contractors, and other construction professionals. AGR Stone & Tools USA, Inc. will also be positioned to take advantage of the millions in government infrastructure spending in the state of Wisconsin.
AGR Stone & Tools USA, Inc.'s entry into the Wisconsin market will be instrumental in achieving the expansion objectives the company has outlined for 2010. The Wisconsin market adds to the growing list of its distribution centers throughout North America and is the latest of 24 distributors in 16 states and provinces in the United States and Canada.
As the only major manufacturer of diamond tools that markets and distributes its' products directly to their customers, AGR Stone & Tools USA, Inc. has a major advantage over its' competition. By selling directly, it plans to control a quarter of the approximately $8 billion North American diamond tool market. "Our goal is 25% of the market which equates to $2 billion in sales. As our distribution network continues to grow, that goal is becoming more and more a reality", said CEO of AGR Stone & Tools USA, Inc., Rock Rutherford.
About AGR Stone & Tools USA, Inc.
AGR Stone & Tools USA, Inc. is a major supplier of diamond tools and adhesives. It specializes in producing consumable tools for the natural stone, engineered stone, concrete and masonry industries. Its goal is to provide its clients with superior quality products, excellent customer service and the most competitive prices in the diamond tool 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 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 Current Report on Form 8-K filed on November 2, 2009 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
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.