TORRANCE, Calif.--July 14, 2004-- Nova Communications Ltd. announced today that pursuant to its recently announced acquisition and business development initiatives, it has signed a binding Letter of Intent to acquire Mid-Cities Paper Box, Inc. in a stock transaction.
With 2004 revenues projected to exceed $20,000,000, Mid-Cities is based in Orange County, Calif., and was established in 1949. The Company is one of the oldest and largest packaging and printing companies in the Western United States.
The execution of this Letter of Intent is in accordance with the Company's previously announced plans to identify, evaluate, and acquire flourishing companies in both watercraft and diversified industries.
Nova CEO Ken Owen commented, "Having found a number of interesting projects and companies to possibly add to our current business development initiatives, Management believes we have found a 'golden opportunity' in Mid-Cities Paper Box, Inc."
"Mid-Cities is a long-established and profitable cash cow that is projected to generate revenues in excess of $20,000,000 in fiscal 2004. After thorough research and due diligence reviews of this industry, Management feels this is a tremendous opportunity for Nova and its shareholders," Owen added.
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