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AMNE Completes Deal With Paradigm and Closes 504 Offering Tuesday February 24, 2009, 10:22 am EST Yahoo! Buzz Print NEW HAVEN, CT--(MARKET WIRE)--Feb 24, 2009 -- American Green Group, Inc. (Other OTC:AMNE.PK - News) (www.amneotcpk.com) announced today that it has officially closed the transaction with Paradigm Polymers, Inc. (www.paradigmpolymers.com) through its wholly owned subsidiary Eco-Built Systems, LLC ("ECO-BUILT").
Gary Gray, President of Paradigm Polymers, Inc., shall retain his position with the company and become an instrumental part in the growth and development of "ECO-BUILT." Mr. Gray shall also assume a position as a board member with AMNE.
Terry Mixon, CEO, stated, "I am very pleased for AMNE and our shareholders to have completed the transaction with Paradigm and look forward to working with Gary Gray so we can continue building shareholder value with other acquisitions."
About Paradigm:
Paradigm Polymers, Inc. developed and markets the first soy based foam insulation product used by the industry. The company is developing products in partnership with other manufacturers and distributors for items such as bio-foam insulated thermal shipping containers and the first soy based foam insulation board.
The acquisition will help AMNE's transition in to the green building environment and provide additional opportunities for growth from within and expansion into previously untapped "Go Green" markets. It will jump start the Company's new direction providing growth while becoming a distributor of various other foam insulation materials as well. This acquisition is expected to generate a minimum of $2 million in revenue during its first fiscal year in 2009 with the expectation of substantially achieving higher gross revenues between $4 and $5 million with additional representatives. The products, distributed at wholesale, carries a gross profit margin averaging approximately 30%.
The Company believes all other remarks made in the release to be accurate to the best of their knowledge.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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