NEW YORK, May 16, 2013 /PRNewswire/ -- (OTCQB: FBCD) FBC Holding, Inc. would like to update its shareholders on recent events.
FBCD has been proceeding with its due diligence investigations of two companies with which Letters of Intent have been previously announced.
Frank Russo, CEO of FBCD stated that, "Our due diligence is proceeding according to plan with both entities. The first target that we announced has been operating for 14 years and last year generated $1.3 million in revenue and had an adjusted EBITDA close to $200,000. In one recent year not too long ago, the company earned revenues in excess of $3 million. The company is a provider of used and refurbished machinery utilized in the PCB (Printed Circuit Board) and SMT (Surface Mount Technology) industry. The PCB/SMT is one of the sectors of the $2.17 trillion global electronics industry(1). Of course, the most attractive characteristic of this particular transaction is that the company is profitable, however it also has the characteristics that we seek in evaluating companies for incorporation into FBC, those characteristics being revenue producing, high gross margins and low DSO and CapEx.
"This is an important transaction for FBC and all parties are working diligently to proceed to a closing. We still have a lot of work to do , so we are continuing to watch for other opportunities as nothing is accomplished until the deal is closed."
(1) IPC, Inc.
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Some of the content in this release may contain forward - looking information within the meaning of Section 27 A of the Securities Act of 1 9 9 3 and Section 21 E of the Securities Exchange Act of 1 9 3 4 including statements regarding expected continual growth of the Company and the value of its securities. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 it is hereby noted that statements contained herein that look forward in time which include everything other than historical information, involve risk and uncertainties that may affect a company's actual results of operation. A company's actual performance could greatly differ from those described in any forward - looking statements or announcements mentioned in this release. Factors that should be considered that could cause actual results to differ include: the size and growth of the market for the company's products; the company's ability to fund its capital requirements in the near term and in the long term; pricing pressures; unforeseen and/or unexpected circumstances in happenings; etc. and the risk factors and other factors set forth in the company's filings with the Securities and Exchange Commission. However, a company's past performance does not guarantee future results.
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