Astika Holdings, Inc.(OTCQB: ASKH)Announces Details of its Completed Letter of Intentadmin
Astika Holdings, Inc.(OTCQB: ASKH)Announces Details of its Completed Letter of Intent
Auckland, New Zealand February 27, 2014 /FSC/ – Astika Holdings, Inc,(the “Company”) (OTCQB: ASKH) announced today as part of the strategy through the acquisition of service, agriculture and industrial companies from the Nantong Region, the parties intend to complete the first acquisition on or before May 1, 2014.
The initial acquisitions from the Nantong Region, private companies, have all been in business for over a decade and have consistent track records of delivering revenue and earnings growth. The initial acquisitions sales revenues are currently projected at $31.91M with an EBITDA of $14.73M and a Net Profit of $9.7M.
“With the operations to increase across China and Asia the acquisitions have the potential to accelerate and triple revenues and earnings growth by servicing the growing population as new bridges over the Yangtze River connect the Nantong region to the Shanghai metropolitan region,” stated Mark Richards the Director of Astika Holdings.
Completion of the transactions under the LOI are dependent on, among other things, the completion of due diligence satisfactory to the Company, and the completion of an audit under US GAAP. The parties expect the audit under US GAAP to be completed within approximately 8-10 weeks. The parties have agreed that the acquisitions will not engage in any negotiations or discussions with other potential acquirers and have also agreed to maintain the confidentiality of all of the acquisitions in order to protect the acquisition’s competitive interests, and the interests of its many customers and employees, during the period of the acquisitions.
Mark Richards, the Director for Astika Holdings commented: “We consider the initial acquisitions the best possible launch pad for our business and shareholders. I would like to re-iterate this is the first of many acquisitions for Astika Holdings. It has been a delight to work together with the founders of the acquisitions to advance the transaction to this stage. The Nantong Region has top-notch people and business executives. We are also gratified that the founders have agreed to remain with the companies following the completion of the transactions, and share our vision to develop and grow the companies and Astika Holdings.”
Astika Holdings is in the process of making the necessary filings in a Form 8-K which will be filed on the US SEC EDGAR system providing the specifics of these developments. The new management intends to position the Company for an up-listing to a higher exchange such as the NASDAQ BX or NASDAQ, once the Company meets the financial status and market share price for up-listing qualification.” The Company has begun the process of integrating management and moving its headquarters to Grey Lynn, Auckland, New Zealand.
Astika Holdings, Inc. (OTCQB: ASKH) (http://nantongventures.com)
Astika Holdings is focused on a variety of strategic acquisitions in service, agriculture and industrial companies to compliment and grow Astika Holdings, Inc.’s business. The Company is positioning to capture the next wave of growth companies from Asia. Astika Holdings is focused on the Nantong region of China and is positioning to negotiate with growth companies from the Nantong region. Nantong is known as a “Pearl of the River and Sea,” ideally situated near the mouth of the Yangtze river with a rich and diverse history dating back to the Chinese Han Dynasty. Inhabitants first lived in the region 5,000 years ago because of its abundant natural resources and access to the Yangtze river. Nantong has a national reputation of “the First Window on the Yangtze River” and is one of the China’s prized national tourist centers. As the centerpiece in the Yangtze Delta Economic Zone, Nantong has enjoyed rapid economic growth and increasing foreign investments. The city is listed on the China’s Top 100 Counties (county-level cities) for its strong economy. Nantong is one of China’s first fourteen coastal cities open to international trade. Nantong is poised for accelerated economic growth with new bridges over the Yangtze River connecting the Nantong region to the Shanghai metropolitan region. With the development of the Rudong Yangkou Harbor Nantong offers the only natural deep water harbor in central China’s coast with access to China’s largest markets. Nantong’s rich history of economic prosperity and growth converge with national modernization continue to make Nantong a major center for economic development in China. Astika Holdings intends to be a high growth company focused on adding value through successful project development, efficient operations, and opportunistic acquisitions while maintaining a low risk profile through project diversification, astute financial management and operating in secure jurisdictions.
Forward-Looking Statements – This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company’s business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company’s products; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the company’s operating results and financial condition; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
INVESTOR RELATIONS CONTACT
ASTIKA HOLDINGS, INC.
Contact: Mark Richards, Director
Tel: 64 9 889 3327
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Source: Astika Holdings, Inc (OTCQB – ASKH)
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Posted: February 27th, 2014 under FSCWIRE.