Aluf Holdings, Inc. Announces Successful Completion of Due Diligence
HOLLYWOOD, FL / ACCESSWIRE / January 25, 2017 / ALUF HOLDINGS, INC. (www.alufinc.com) (OTC PINK: AHIX), a holding company engaged in mergers and acquisitions in the development and sale of proprietary software, announced today that the Company has completed all aspects of its due diligence review of the previously announced acquisition target company ("TC") and, although there can be no assurance that the acquisition will close, the Company will commit the necessary resources to conclude this transaction in the next few weeks. The name of the target will be disclosed on the closing date.
TC is a developer and provider of hardware independent biometric processing software with average annual revenues of approximately $12.5 million during the last three years. The closing of this transaction is expected to significantly increase the Company's revenues by the end of this quarter, not to mention, additional new initiatives to capitalize on TC's capabilities to expand and grow both its domestic and international business.
Teresa McWilliams, President and CEO of the Company, stated: "With the support from all those involved, we have reached the closing stage. This has required a lot of hard work and cooperation; however, everyone is aware that the real work will begin after closing."
Don C. Bennett, Chairman of Aluf Holdings, added: "We are very pleased at the progress of this transaction and greatly appreciate the support of the TC's management and shareholders who have made this deal possible. We further expect to announce other acquisitions that can potentially add significant value to the Company in the very near future."
About Aluf Holdings:
Aluf Holdings, Inc. (AHIX) is a holding company headquartered in Hollywood, FL, engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software. Its strategy is to build a larger and more diverse enterprise software company through strategic acquisitions and managed growth within its business sectors as it acquires profitable businesses with strong growth potential and a solid business plan in the software and technology industries. For information, visit www.alufinc.com.
Safe Harbor Statement:
This release may contain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and of Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of Aluf Holdings, Inc. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully in its market segment, and the ability to complete some or all of the before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
Corporate Contact:
Aluf Holdings, Inc.
Teresa McWilliams, CEO
866-793-1110
SOURCE: Aluf Holdings, Inc.
