LAS VEGAS, Aug. 16, 2011 /PRNewswire/ -- Grupo International, Inc., (OTC/Pink Sheets: trading symbol "GRPI" ) Ramon Richard, President, announced that the audit required for the acquisition of Richard y Lange will be completed by mid-September. Under the original terms, Grupo International was to issue 8,000,000 shares of restricted common stock for 80% ownership of Richard y Lange Corporation, based on net assets of $5M. Preliminary financial statements indicate that the net asset value is approximately $6.0M.
Other results shown in the due diligence indicate that Richard y Lange currently has $5M in outstanding construction contracts that are expected to commence in September 2011. Richard y Lange has recently completed work at the San Felipe gold mine, owned by Cicsa S.A. de C.V., a division of Grupo Carso.
Grupo International will own 80% of Richard y Lange, a corporation that specializes in Construction, and construction industry products which includes the RiMart Specialty Tool and Franchised Hardware Stores, Mining Sand Concessions, a Cement Block Manufacturing Plant, and an in house Preferred Credit Card Division. Each operation interacts with each Division, allowing for a competitive working structure. Additional information can be found in the Company's most recent filings and the Company's web site (www.grupointl.com) describing the business and transaction.
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The information contained in this press release, including any "forward-looking" statements within the meaning of section 27A of the securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's Annual Report on Form 10-KSB and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth many risks and uncertainties related to the Company's business and such statements, including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company. In particular, these risks and uncertainties include, without limitation: that third parties may be successful in challenging the patent issued; that granted claims may be held invalid or interpreted differently by a court of law; that other patents will issue that will block the Company from commercializing the technology covered by the patents; and that the benefits that Company believes can be derived from the patented technology will not be realized due to difficulties encountered in the long and expensive process of the development of new technologies and the cost and uncertainty in obtaining regulatory approval for products based on these technologies. In addition, there are many other risks and uncertainties inherent in the development of the Company's products, including the risk of not obtaining regulatory approval for a variety of reasons and the risk of adverse side effects in humans. Other risks relating to Company are detailed from time to time in documents filed by Company with the SEC.
Grupo International Inc.
SOURCE Grupo International, Inc.