AUSTIN, TX, June 23 /PRNewswire-FirstCall/ - The management of AGR Tools, Inc. (OTCBB-AGRT) would like to advise the company's shareholders that the financial statements included in AGR's most recent quarterly report on Form 10-Q are those of the AGR as of April 30, 2010, at which time it was still a shell company with nominal operations. The quarterly report does not include any financial information of AGR Stone & Tools USA, Inc. ("AGR USA"), the private operating business that AGR acquired upon the closing of the share exchange transaction on May 27, 2010.
The audited financial statements of AGR USA for the year ended June 30, 2009 and the interim unaudited financial statements of AGR USA for the period ended March 31, 2010 can be found in AGR's amended current report on Form 8-K/A filed with the SEC on June 11, 2010. The consolidated financial information of both AGR and AGR USA will be included in AGR's next quarterly filing with the SEC for the period ended June 30, 2010.
"We have received a number of inquiries from concerned shareholders regarding the financial statements included in our Form 10-Q, and there seems to some confusion as to why they do not show that AGR has generated any revenue. The reason is simple: the financial statements are for a quarter that ended prior to the completion of AGR's acquisition of AGR USA. As a result, we feel that we should clarify the situation," stated Rock Rutherford, the President and CEO of both AGR and AGR USA.
About AGR Tools, Inc. ---------------------
AGR Tools, Inc. is a public company with its common stock quoted on the OTC Bulletin Board under the symbol AGRT and the Berlin and Stuttgart Stock Exchanges under the symbol LVSA.
About AGR Stone & Tools USA, Inc. ---------------------------------
AGR Stone & Tools USA, Inc. is a contract manufacturer and distributor of tools and accessories for the construction, building maintenance and demolition industries in the United States and Canada. It supplies more than 700 products through its stocking dealership network and website. The products include diamond based tools and adhesives and 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 conducted extensive research and testing of its products, and uses the latest technologies to assure it is at the forefront of the diamond tool industry.
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.