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Waterproof textile provider Priva buys retail account of Philmont Mfg

06
Aug '05
MONTREAL based Waterproof textile products provider Priva Inc announced it has entered into a Letter Of Intent to acquire a list of retail accounts from New Jersey based Philmont Manufacturing, a division of The Strongwater Group for an undisclosed amount. The accounts being acquired have annual sales of approximately $6,000,000 USD ($7.27mm CDN).

This would result in Priva almost doubling its sales to $16 million Cdn. in the next fiscal year. Philmont manufactures and distributes a variety of waterproof and absorbent textile products for both the young and the elderly.

This acquisition is, by far, Priva's largest ever, which is anticipated to almost double its sales in the next fiscal year and contribute significantly to its earnings per share.

For the three months ending March 31, 2005 Priva generated $2,267,818 in sales with $94,111 in after tax earnings. Priva currently has 17,242,858 shares issued and outstanding and 19,479,048 issued and outstanding on a fully diluted basis.

Priva will pay for the acquisition by issuing a total of one million shares from treasury and one million 5 year Acquisition Warrants plus an undisclosed amount of cash. The Acquisition Warrants will be exercisable at $0.50 CDN in years one and two, with an increase in the exercise price in each of the 3rd, 4th and 5th years of $0.05 / year.

The cash component of the acquisition will be paid for by Priva from working capital. This arms' length transaction will be closing in the month of August with an effective date of August 1, 2005.


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