Liberty Diversified Holdings, Inc. (OTCBB:LDHI)
Liberty Diversified Holdings, Inc. Files Form 8K Reporting Rescission of Stock Purchase Agreement With MCR Printing and Packaging Corp.
ORANGE, Calif./PRNewswire-FirstCall/ — Liberty Diversified Holdings, Inc. (OTC Bulletin Board: LDHI – News) announced that on November 21, 2006, Liberty Diversified Holdings, Inc., MCR Printing and Packaging Corp. and Mario Ramirez executed a Rescission of Stock Purchase Agreement with regards to their Stock Purchase Agreement dated December 31, 2005. In a letter to the Company dated November 20, 2006, Mr. Ramirez informed the Company that he intended to exercise the rights of rescission provided in the original Stock Purchase Agreement. The Company agreed to terminate the Stock Purchase Agreement immediately because its Board of Directors believes it to be in the best interests of the Company to focus its resources on other acquisitions and other opportunities outside the printing and manufacturing arenas. The decision to terminate was mutual and amicable among the parties, and the Stock Purchase Agreement was fully terminated and rescinded on November 21, 2006.
In related activities on November 21, 2006 the Company sold 100% of its wholly-owned subsidiary Packaging City, Inc. to Mario Ramirez for $5,000 and 100% of its wholly-owned subsidiary Innovative Packaging Technologies, Inc. (IPTI) to Mario Ramirez for $100. Packaging City, Inc. was formed in September 2006 to provide marketing and support services for MCR Printing and Packaging Corp. and has no reported revenues. IPTI was acquired in September 2006 to provide new technologies for MCR Printing and Packaging Corp. and has no reported revenues. Also effective November 21, 2006, Mario Ramirez has also resigned from all of his positions with the Company, which included Member of the Board of Directors, Co-Chairman of the Board of Directors, Secretary and VP of Manufacturing Acquisitions & Subsidiaries.
Commentary
Ron Touchard, Chairman and CEO of Liberty Diversified Holdings, Inc., commented, “We believe that the termination of the Stock Purchase Agreement between Liberty and MCR Printing and Packaging Corp. is in the best interest of all parties. By moving away from the traditional printing and packaging industries, Liberty will now be able to more aggressively pursue acquisitions and opportunities in market segments that provide much faster growth. We are very excited about Liberty’s future and anticipate making additional major announcements very soon. We also believe that MCR Printing and Packaging, Inc. remains a viable concept and we wish Mr. Ramirez and MCR great success.”
About Liberty Diversified Holdings, Inc.
Liberty Diversified Holdings, Inc. is focused on aggressive growth and diversification through acquisitions, mergers and joint ventures. For more information visit www.libertydiversifiedholdings.com or call (949) 376-4846.
Caution Regarding Forward-Looking Statements: This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results which are not yet available. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, the integration of acquisitions, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
Source: Liberty Diversified Holdings, Inc.
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