Redishred Capital Corp. (TSXV: KUT) Announces Acquisition of On Guard Shredding in New York City
Mississauga, Ontario - June 11, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Redishred Capital Corp (TSXV: KUT) ("Redishred" or "Company") has completed the acquisition of the On Guard Shredding ("On Guard") business, located in New York City, New York, for a total purchase price of $450,000USD. The asset acquisition includes client relationships, vehicles and other assets. Redishred 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.
Mr. Jeffrey Hasham, CEO of Redishred, had the following comments on the acquisition, "On Guard has been in the information destruction business for well over 10 years in the New York City and New Jersey markets. The ownership at On Guard has done a tremendous job at providing great client service to their small and medium sized customers, and we at Proshred are looking to continuing that well established tradition of client care."
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 40 markets in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redishred Capital Corp. (TSXV: KUT)
Jeffrey Hasham, MBA, CA, CPA
Chief Executive Officer
Phone: (416) 849-3469 Fax: (905) 812-9448
Redishred Capital Corp. (TSXV: 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 2017 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 cash flows and earnings per share, which may be impacted by industry and sales growth levels, the demand for recycled paper products, the ability to realize efficiencies from the acquired acquisition, 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.
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