posted
Avery Sports to Be Acquired by Cash Machine Operator Monday March 6, 12:37 pm ET
MENDOTA HEIGHTS, MN--(MARKET WIRE)--Mar 6, 2006 -- Avery Sports Turf, Inc. (OTC BB:AVST.OB - News) is pleased to announce that it has signed a binding Agreement and Plan of Reorganization to be acquired in a reverse acquisition by the shareholders of E Cash, Inc., a New Jersey corporation. ADVERTISEMENT
E Cash's primary activity is the operation of automatic teller machines ("ATMs"). E Cash's ATMs are owned and operated by E Cash, Inc. E Cash is a non-financial institution that owns stand-alone cash dispensing units. The ATM machines have been placed in various retail locations including supermarkets, convenience stores, restaurants, colleges and other locations not generally serviced by traditional and financial institutions. E Cash's ATMs can be accessed by the use of either credit or debit cards issued by a wide range of financial institutions.
E Cash revenues consist of interchange and surcharge fees which are assessed to each customer on a transaction-by-transaction basis. A surcharge fee is a charge assessed to the customer for use of the ATM. An interchange fee is the fee we receive from the cardholder's bank for processing a transaction on behalf of their customer.
Mr. Richard Schaefer, CEO and Chairman of E Cash, Inc., stated, "We are extremely excited to begin the process of becoming a publicly traded company through this transaction. We feel it gives our company a tremendous opportunity to grow organically and through acquisitions of other companies."
Gary Borglund, President of Avery Sports Turf, Inc., commented, "We have looked at numerous situations to potentially increase shareholder value and we feel the E Cash transaction provides the best prospect of fulfilling that goal. We believe that a public listing will help them become a bellwether in their industry."
The transaction is dependent upon shareholder approval from both E Cash and Avery Sports Turf, Inc. It is expected that a proxy statement will be sent to Avery shareholders in the month of March.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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OK, my pulse has reached a normal level.......
I purposely didn't mention this for a Monday pick because I had already talked enough about this for the past 2 weeks, and didn't want to seem over anxious..
I was about to kick off an e-mail asking about the possible gold merger, but this hit first.....
I couldn't hold 2 million shares, this is the single biggest gain I ever had and I had to bail at .016-.018 when things settle down and I get an answer as to the Copacabanna LOI, I will get back in...
This is too crazy for my blood, I like slow and steady..
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Well guys for a little POS this thing did pretty good! I can see a gap tomorrow but i have a feeling that will be the end of the run.. indicators are topping.. Being very carefull entering into her now... RSI is very high! Im not in it just watched it all day.. great buy for those that got in low today and made a 4 bagger! JMHO good luck guys
-------------------- Just callen the Channels
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Looking for .02 opening very thin.
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liberty01
unregistered
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i got in early on this one! I was wondering how far anyone thinks this one could go, thanks for the help!- also if anybody knows of any links to thier site. I found this one on another thread. http://www.ecash-atm.com/
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Great day yesterday on this one. Congrats to all those that got in. I got lucky and got filled quickly as soon as the news came out.I'm excited to see what today brings. Should be a nice gap up.
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liberty01
unregistered
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Establishing The Initial Stock Price - Once a reverse merger is completed, a broker/dealer must decide to make a public market in the stock. The market makers, in conjunction with the company, determine the initial price for the stock. Perceived value, the "sex appeal," track record and potential growth of the company usually have more to do with initial pricing than earnings multiples and current book values. Competent investor relations and supportive market makers as well as management’s ability to relate the company’s potential to investors are of key importance. Ultimately, the public market acceptance of the company will determine the market price for the stock.
I have never been through a reverse takeover. Does this mean that the company taking over will determine the price of the stock? And if so would anybody have any numbers to fill in- that would show how far this could possibly go? up or down.
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