AGR Share Exchange Update

Jan 04, 2010, 16:20 ET from AGR Tools Inc.

CONROE, TX, Jan. 4 /PRNewswire-FirstCall/ - On October 29, 2009, AGR Tools, Inc. and AGR Stone & Tools USA, Inc. entered into a binding share exchange agreement. Since that time, both companies have been working diligently to complete the transaction.

AGR Tools, Inc. has completed its due diligence investigation of AGR Stone & Tools USA, Inc. and the two companies now share management after the executive officers of AGR Stone & Tools USA, Inc. were named as management of AGR Tools, Inc, the public company. Mr. Rock Rutherford took over the positions of President and CEO; Mr. Michael Killman took over the position of CFO; and Mr. John Kuykendall took over the positions of Treasurer and Secretary. Both companies hope that these administrative milestones will promote a quicker and more efficient closing of the share exchange agreement between the two companies.

AGR Stone & Tools USA, Inc. is currently in the process of retaining a registered public accounting firm to complete the audit on its financial statements - the last administrative hurdle before the transaction with the public company can be closed.

"The entire process has certainly taken longer than we anticipated and hoped," stated Rock Rutherford, CEO of AGR Tools, Inc. and AGR Stone & Tools USA, Inc. "However, I think everyone wants to see this transaction completed as soon as possible and we're confident that once we pick a suitable audit firm, things will progress at a much higher rate. In the meantime we are diligently working on the private and public companies from a business development perspective," he continued.

    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 AGR Tools 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 new 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:
    ---------------------------

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.