Thu, Apr 27, 2017
Evada Will Continue To Operate As A Separate And Independent Operation, CEO Says
Aircraft manufacturer PM&E has agreed to the purchase of Evada Aircraft by publicly traded, Seilon, Inc.
Seilon, Inc. recently made an acquisition of a media and broadcasting operation with operations in Tunisia, Spain and with planned operations in North America. The upside revenue potential from the first merger is very favorable. Evada Aircraft will be the second acquisition for Seilon, Inc. and will occur via a share exchange. In addition to these two acquisitions, Seilon, Inc. is exploring additional opportunities in the solar and cannabis industries.
"At this point in our company's history, it is important for us to accomplish two objectives. One, that Evada Aircraft operates within a business framework that will ensure the successful manufacture and sales of Evada Aircraft units sooner rather than later and two, to ensure that our existing shareholders who have been with us for the long term are taken care of in the most favorable way possible," said CEO Joseph Bourne. "With both of these objectives in mind, we have made the decision to move forward with the sale of Evada Aircraft to Seilon, Inc."
"We negotiated this transaction as a share exchange at a ratio of eight to one. In other words, PMEA shareholders will receive one share of SEIL for every eight shares of PMEA," Bourne continued. "We will have more information to share in the coming days, but for now we wanted to give as much detail as possible to allow investors to make an informed decision based on what we know to this point.
"From day one, the number of shares outstanding and the chill that we could never get lifted in spite of our current status caused problems on several fronts. We are excited about the opportunity to be part of a company without those issues and part of a company that will grow and expand long term as a holding company that will take advantage of multiple business opportunities across several industries. Evada will still operate as a separate and independent operation, but with a fresh start that will give us a better opportunity for success long term," Bourne said.
(Source: PME Holdings news release. Image from file)
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