CONROE, TX, March 11 /PRNewswire-FirstCall/ - AGR Tools, Inc. (OTCBB: AGRT) is pleased to announce that AGR Stone & Tools USA, Inc. ("AGR USA"), with which AGR Tools has entered into a binding share exchange agreement, has made significant progress in its distribution growth plans since the two companies entered into a letter of intent regarding the share exchange on June 4, 2009. Over the past several months, AGR USA has expanded its network of distribution centers to include the territories of Maryland, North Carolina, southwest Florida, Oklahoma, Wisconsin, northern Illinois, western New York, western Pennsylvania and northern Ontario, Canada.
"We continue to work diligently to accomplish our corporate goals, which will have long-term positive implications for our shareholders," stated Rock Rutherford, the CEO of both AGR Tools and AGR USA. "The results of our North American distribution strategy have exceeded our expectations and we are adding new dealers to our network on a steady basis."
In addition to expanding its distribution network, AGR USA is also in the process of planning the construction of its first North American manufacturing facility, to be located in Kelowna, British Columbia, Canada. "We are dedicated to providing the construction industry with the highest quality diamond tools at a discounted price, and having a manufacturing facility in North America will allow us to pass along the quality and savings to our customers," commented Rutherford. The company will release the details of the project as soon as they have been finalized.
The rapid growth of AGR USA has also resulted in the creation of a sales and marketing office located in Austin, Texas, the movement of the head office of AGR Tools to Conroe, Texas in anticipation of the closing of the share exchange, and the listing of AGR Tools' common stock on the Börse Berlin, or the Berlin Stock Exchange, under the symbol LVSA and the German security number (WKN) AOYBTJ. The corporate profile of AGR Tools was also recently featured by CEO Clips on the CBC News Network, the Business News Network and the Biography Channel.
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. 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. AGR USA 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' November 2, 2009 Current Report on Form 8-K regarding the share exchange agreement with AGR USA 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 must issue 46,186,516 shares of its common stock to the current shareholders of AGR USA 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 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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