An acquisition transaction has been agreed upon between ActionView International, Inc. (OTCBB: AVWI) and Jim Palmer Trucking, Inc. ActionView announced that the agreement between the two parties came in the form of a letter. At the closing of Tuesday’s trading, ActionView’s stock increased by 233.33%.
Under the terms of the initial agreement, ActionView would acquire all of the issued and outstanding shares of Jim Palmer Trucking, Inc. in exchange for a majority of percentage of ActionView International. This definitive agreement will later outline more details of the acquisition. The content of the letter included a description of additional due diligence, audit work and other terms that must be agreed upon in order for the transaction to close. Plans have already been laid out by Jim Palmer Trucking for the potential acquisition strategy, adding new members to the management team, and more business lines within the trucking industry.
“Jim Palmer Trucking is a mature company with substantial revenues and a solid strategy for additional future growth, and we are extremely pleased to have reached an initial agreement for an acquisition transaction. We look forward to the completion of the ongoing due diligence and moving to a definitive agreement with Jim Palmer Trucking once the terms of the letter of intent have been met,” stated Steven R. Peacock, President and CEO of ActionView International.
Jim Palmer Trucking has been in business since 1966 and is a well-respected leader in premier refrigeration carriers in the U.S. Jim Palmer Trucking operates in 44 states and consists of 350 trucks and 500 trailers. The top five customers of Jim Palmer Trucking in order of percentage of revenues are: Anheuser Busch, the Kroger Co., Coors Brewing Company, C.H. Robinson Worldwide, and Tyson Foods. The company is headquartered in Montana, but has terminals in Salina, Kansas and Denver, Colorado.
ActionView International’s operating subsidiary designs, develops, and manufactures custom illuminating motion billboards. Their billboards are primarily placed in high traffic areas and market advertising space on the signs. The company shares advertising revenue generated from the billboards with advertising agencies, local business owner partners, and the location owner.
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