Redishred Capital Corp. Announces Acquisition: Proshred Northern Virginia
MISSISSAUGA, ON / ACCESSWIRE / March 31, 2017 / Redishred Capital Corp (“Redishred” or “Company”) (TSX-V: KUT) has completed the acquisition of the Proshred Northern Virginia business, which includes four on-site paper shredding trucks, one on-site hard drive destruction truck, plant based shredding equipment, other equipment and client relationships. Redishred anticipates an increase in its annualized revenue of over $800,000USD per annum based on prior year results, and views this acquisition as accretive to the Company’s cash flows and earnings per share. The acquisition was financed by utilizing Redishred’s cash reserves as well as a vendor take back.
Mr. Jeffrey Hasham, CEO of Redishred had the following comments on the acquisition “First and foremost, we at Redishred and PROSHRED® would like to thank Steve Theobald who has done a tremendous job servicing the Northern Virginia market. Steve was a great franchisee and we are thankful for the solid base he built, that serves as the foundation for future growth. Steve, we wish you well in this new chapter of your career.” Mr. Hasham further noted that “we are very happy to have the opportunity to own and operate a PROSHRED® location in this fast paced and growing market. Our clients can expect the great service standard they have always had, and we will continue to provide our paper, hard drive and product destruction services on-site at our Client’s door. We are the one-stop shop for our Client’s destruction needs. We also look forward to building and fostering many community relationships, including our long standing partnership with the American Institute for Cancer Research.”
Redishred Capital Corp. is the owner of the PROSHRED® trademarks and intellectual property in the United States and Internationally. PROSHRED® shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. PROSHRED® is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001 certification. It is PROSHRED®’s vision to be the ‘system of choice’ and provide shredding and recycling services on a global basis. PROSHRED® currently services over 30 markets in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redishred Capital Corp. (TSX.V – KUT)
Jeffrey Hasham, MBA, CA, CPA
Chief Executive Officer
Phone: (416) 849-3469 Fax: (905) 812-9448
Redishred Capital Corp. (TSX.V – KUT)
Kasia Pawluk, CA, CPA
Chief Financial Officer
Phone: (416) 204-0076 Fax: (905) 812-9448
Note: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
This news release contains forward looking statements that reflect the current expectations of management of Redishred and Redishred’s future results, performance, achievements, prospects and opportunities. Wherever possible, words such as “may”, “will”, “estimate”, “believe”, “expect”, “intend” and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Redishred. Forward looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2015 management discussion and analysis under “Risk Factors”, could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward looking statements.
These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Redishred will prove to be correct.
In particular, certain statements in this document discuss Redishred’s anticipated outlook of future events. These statements include, but are not limited to:
(i) anticipated sales, which may be impacted by industry growth levels, the demand for recycled paper products, changes in local and federal regulations, and the economic situation in the United States.
Readers are cautioned that such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Redishred can give no assurance that actual results will be consistent with these forward-looking statements.
SOURCE: Redishred Capital Corp