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Friday, March 2, 2007 10: 48 AM
Semcan Inc. (TSX VENTURE: STT)(“SEMCAN”) declares that it has completed the previously announced (spy Semcan press birth of February 5, 2007) acquisition of the total shares of Ken-Co Industries Inc. for a prefer label of $7,500,000, in change for a money price of $5,500,000 and $2,000,000 major amount of secured promissory level to. Larry Minaker will continue as President of Ken-Co.
Ken-Co Industries Ltd. is an automobile parts producer and distributor.
Ken-Co’s consolidated harmful earnings, per Ken-Co’s unaudited financial files, for the six months ended December 31, 2006 turned into $5,350,828.00. In step with Ken-Co’s December 31, 2006 unaudited financial files, on completion of the acquisition Ken-Co will comprise total operating resources of $4,304,337 less liabilities of $2,959,899. Incorporated within the acquisition of Ken-Co is precise estate having an appraised worth of $2,915,000 less mortgages of $2,250,000. The working capital projected on closing for Ken-Co. is $1,344,438.
Administration of SEMCAN believes that upon completion of the acquisitions of each the Forward Precision Tools business (spy SEMCAN press releases of February 5, 2007 and March 2, 2007) and Ken-Co, approximately 45.16% of the revenues of SEMCAN over the subsequent twelve months will strategy from Ken-Co.
SEMCAN is a development firm expanding thru acquisitions all over the Industrial and Distribution sectors. SEMCAN seeks out smartly managed a success corporations that meet clear financial parameters. SEMCAN works with present management to develop the received corporations each organically and by further complementary acquisitions. SEMCAN gives the central finance and administrative capabilities, permitting operational management to remain taking into consideration base line profitability thereby rising shareholder worth.
This press birth contains forward-having a gaze statements, which could perhaps well perhaps be topic to risks and uncertainties that could perhaps well perhaps space off real results to change materially from those space forth within the forward-having a gaze statements including the hazards associated with operations and gross sales;; and risks associated with margins, suppliers and prospects and risks associated with overseas change fluctuations, amongst others. These forward-having a gaze statements checklist the Company’s judgment as of the date of this press birth. The Company disclaims any intent or obligation to interchange these forward-having a gaze statements.
The TSX Enterprise Change has neither permitted nor disapproved the contents of this press birth.
Contacts: Semcan Inc. Phil Jamieson Chairman (905) 564-8665
SOURCE: Semcan Inc.
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