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Axia Group Inc. Signs Final Agreement To Acquire MicroConstruction Pvt. Ltd. in Sri Lanka
2006-10-24 09:00 ET - News Release
SAN DIEGO, Oct. 24 /PRNewswire-FirstCall/ -- Axia Group, Inc. announced today that it has signed a final agreement to acquire 100% of MicroConstruction Pvt. Ltd, a Sri Lanka company. The shareholders of MicroConstruction will receive 3,000,000 shares Preferred Stock in Axia which will be restricted until December 2008. Each Preferred Shares will convert to $0.33 worth of common stock in Axia at time of conversion. Incentives apply based on company performance. No cash was exchanged in the transaction.
MicroConstruction utilizes a panel based technology introduced by Axia to build homes and commercial buildings and currently has contracts with relief and government agencies in Sri Lanka and India. The parties signed a Letter of Intent in June of 2006 and have been working together to gain adoption of the panel technology with the government and commercial sectors of Sri Lanka. The company has a $1.9 million project with SOS Kindedorf building homes for families affected by the tsunami of 2004 as well as a project with the government agency REEL to build multistory residences for families in the urban center of Colombo.
Stated Jeffrey Flannery, CEO of Axia, "Our team in Sri Lanka has made great progress in that country, and we are proud to finalize this agreement and move forward with new projects in both the government and private sectors."
The Axia panel technology consists of wire trusses that are welded together around an insulation core of expanded polystyrene (Styrofoam). After put in place as wall, floor or roof, this panel is then coated with concrete. With this method, for example, a 600 square foot home can be constructed in less then two weeks. This technology can also be used for multistory buildings, commercial structures, luxury homes, apartment buildings, high rises and resorts. The resulting structure is able to withstand winds of greater than 180 kilometers per hour, is resistant to mold, mildew, insects and is highly fire resistant.
More information on Axia Group, Inc. can be found on the company web site at www.axiagroup.info.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of AXGJ officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future AXGJ actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and AXGJ has no specific intention to update these statements.
Axia Group, Inc.
CONTACT: Janet Whitehead of Axia Group, Inc., +1-619-466-4701
-------------------- money for nothing!!
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