CHEYENNE WY and SOUSSE, TUNISIA--(Marketwired - Mar 1, 2017) - Aircraft manufacturer PM&E, Inc. (OTC: PMEA) announced today that they are in negotiations with an existing Aircraft Manufacturer and expect this company to join the PM&E, Inc. corporate family as part of a strategic acquisition.
Chairman Khaled Akid stated, "We are pleased to announce today that PM&E, Inc. has initiated serious discussions with an existing Aircraft Manufacturer. The plan is for PM&E, Inc. to take a majority stake in the company through an acquisition that is expected to be completed within the next 60 days. The resources and expertise available to PM&E as a result of this acquisition will serve the company well as we build out our company. This is a fantastic group of business professionals that will bring a lot to the table and we could not be more pleased with what has transpired to date."
Mr. Akid continued, "Joseph has stated from day one that we are building a company of integrity and will always ensure that we are as transparent as possible with our shareholders. With that in mind, we'd like to inform everyone today that we are in communication with our Lawyers to terminate the Letter of Intent finalized with DiNelly Distribution, Ltd, which as it turns out was legally dissolved as an operating entity on December 29, 2015. The lack of transparency in the original negotiations does not align with the type of company that we have in the works and therefore, all operations and communications with DiNelly will cease immediately, our Lawyers are assessing and evaluating the damages caused to us and rest assured that we will act in the best interest of all our shareholders"
Mr. Akid finished up with, "For those who wish to know the details concerning the manufacture and production of the EVADA aircraft, let me be clear: We have reached 65% of the conceptual work necessary to get the EVADA aircraft into production. With the 10 million US, we plan to use 500K to complete the prototype, 3.5M to invest in a planned manufacturing facility and have set aside the remaining funds for strategic acquisitions. In the meantime, we are utilizing our employees and contracted space provided in Tunisia by AVIONAV for completion of the prototype. We are working with AVIONAV through a collaborative agreement to expedite the completion of the EVADA project."
CEO Joseph Bourne had this to say, "I would like to give everyone an update on the funding that is in the works and potential additional funding that may be in the works as well. As we've had discussions with banks and other financial institutions, without fail they have zeroed in on our commitment to build a business of integrity and transparency and they like that about us. One thing that they've made crystal clear is the need to ensure that all business activity follows that same mantra and that we only work directly or indirectly with companies that have that same philosophy. What Khaled has covered above will help to ensure we stay in line with that philosophy both for the short term and long term. In fact, some of the changes being announced in this release will prove favorable to several investment groups that have been on the sidelines to date waiting on us to commit to these strategic moves. These adjustments to our business plan will prove to be favorable to our long term financial success."
Mr. Bourne went on to say, "With regard to the financing already announced, our Malaysian investment is still on and in the works. The 500K investment may be completed in two tranches. That is to be determined in the coming days. As for the 10M funding package, that is also still in the works and the details are being negotiated as we speak. Additional funding and/or financing will be available to us once we up-list to the OTCQB as more established institutional investors use that as a benchmark in determining credit worthiness and we are still committed to that step in the process at the appropriate time. Also, other efforts are in the works to identify and work with individual investors that have expressed interest in our business plan."
Mr. Bourne finished up with, "I wanted Khaled to speak today on the company's behalf on a few topics for two reasons; one as a way to introduce him to the investment community and also, two, as an indication to our shareholders that this is a team effort. It's not just me and me alone working on this massive project. There are several hands involved in ensuring this overall project is a success and we do what we do on daily basis always with the interest of our shareholders in mind. As always, we'd like to thank you for your patience as we implement and execute what you've read here today over the next couple of months."
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Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. PM&E Inc. cautions readers not to place undue reliance upon any such forward looking statements, which speak only as of the date made. PM&E Inc. expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the company's expectations or any change in events, conditions or circumstances on which any such statement is based.